TITLE

Banks Revise Spectrum, Styron Loans

AUTHOR(S)
Kellerhals, Richard
PUB. DATE
June 2010
SOURCE
High Yield Report;6/7/2010, Vol. 21 Issue 23, p13
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article reports on the decision of Credit Suisse, Bank of America Merrill Lynch and Deutsche Bank to change the term loan they arranged for Spectrum Brands' acquisition of Russell Hobbs company and a loan for the acquisition of plastics company Styron by Bain Capital. The size of the term loan for Spectrum was reduced from 1 billion U.S. dollars to 750 million dollars. The coupon of Spectrum's loan was raised from 450 basis points (bps) to 650 Libor plus. The credit for Styron was raised from 675 million to 900 million dollars.
ACCESSION #
51303619

 

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