Chemtura priced a 300mm Senior Loan through the synidicate led by B of A, G.S. CIti. Wells. It is a libor floater at 1yr libor (floored at 1.5 +400 basis points. The bonds are issued at 100 (Chemtura sold the bonds at 99-00) thats 3mm usd. FIrst trade out of the block the bonds traded at 100.25 so there goes 3.75mm of shareholder value in 1 fell swoop.
This plus the unsecured senior notes (8 year final maturity are both due to close on August 27th. The money will be held in escrow awaiting the decision of the court (Goffman)
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