January 19, 2018 / 11:04 AM / a month ago

BRIEF-PQ Group Holdings Announces Successful Pricing Of Term Loan Facility, Entry Into Swap Arrangements

Jan 19 (Reuters) - PQ Group Holdings Inc:

* PQ GROUP HOLDINGS ANNOUNCES SUCCESSFUL PRICING OF TERM LOAN FACILITY AND ENTRY INTO SWAP ARRANGEMENTS

* PQ GROUP HOLDINGS - SECURED COMMITMENTS TO REFINANCE EXISTING SENIOR SECURED TERM LOAN FACILITY WITH NEW, PRE-PAYABLE SENIOR SECURED TERM LOAN FACILITY

* PQ GROUP HOLDINGS INC - ‍ NEW TERM FACILITY IS EXPECTED TO MATURE IN FEBRUARY 2025​

* PQ GROUP HOLDINGS INC - NEW SENIOR TERM LOAN FACILITY OF $1.267 BILLION AT A LOWER INTEREST RATE MARGIN AND WITH AN EXTENDED MATURITY

* PQ GROUP HOLDINGS INC - ‍ NEW TERM FACILITY IS EXPECTED TO BEAR INTEREST AT A FLOATING RATE OF LIBOR PLUS 2.50 PERCENT PER ANNUM​

* PQ GROUP HOLDINGS INC - ALSO AGREED TO ENTER INTO MULTIPLE CROSS CURRENCY SWAP ARRANGEMENTS TO HEDGE FOREIGN CURRENCY RISK

* PQ GROUP HOLDINGS INC - ‍ INTENDS TO USE NET PROCEEDS OF NEW TERM LOAN FACILITY TO REPAY EXISTING SENIOR SECURED TERM LOAN FACILITY​

* PQ GROUP HOLDINGS INC - SWAPS ARE EXPECTED TO MATURE IN FEBRUARY 2023

* PQ GROUP HOLDINGS INC - AS A RESULT OF REFINANCING & SWAP DEALS, CO EXPECTS TO REDUCE CASH INTEREST BY ABOUT $14 MILLION PER ANNUM

* PQ GROUP HOLDINGS INC - REFINANCING AND SWAP TRANSACTIONS ARE EXPECTED TO CLOSE ON OR ABOUT FEBRUARY 8, 2018

* PQ GROUP - ‍SWAPS DESIGNED TO ENABLE UNIT TO EFFECTIVELY CONVERT PORTION OF FIXED-RATE USD DENOMINATED DEBT OBLIGATIONS TO ABOUT EUR 280 MILLION EQUIVALENT​ Source text for Eikon: Further company coverage:

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