United States Of America : Olin enters into $415mn five-year senior credit facilities

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Home / Knowledge / News / Textiles / Olin enters into $415mn five-year senior credit facilities

Olin enters into $415mn five-year senior credit facilities

25
Jun '14

Olin Corporation announced that it has entered into new $415 million five-year senior credit facilities consisting of a revolving credit facility that replaces its $265 million senior revolving credit facility and a delayed-draw term loan facility that will be used to refinance its 8.875% senior notes due 2019.

The new facilities will mature on June 24, 2019 and are comprised of a $215 million US dollar denominated revolving facility under which Olin Corporation ("Olin") may borrow, a $50 million US dollar denominated revolving facility under which Olin and one of its Canadian subsidiaries may borrow and a $150 million US dollar delayed-draw term loan facility under which Olin may borrow, in each case, upon satisfying certain conditions set forth in the new facilities' definitive documentation.

The new facilities are unsecured and contain restrictions on Olin that are similar to the restrictions contained in the $265 million senior revolving credit facility. The new facilities also include a $60 million letter of credit subfacility and an uncommitted $100 million incremental facility.

Wells Fargo Bank, National Association, will act as Administrative Agent for the facilities; Bank of America, N.A. and Citibank, N.A., have acted as Syndication Agents; and Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup Global Markets Inc. have acted as Joint Lead Arrangers and Joint Bookrunners.

In addition, Olin entered into an Amended and Restated Forward Purchase Agreement and the Third Amendment to the Amended and Restated Credit and Funding Agreement governing The Industrial Development Authority of Washington County Series 2010A bonds, The Industrial Development Authority of Washington County Series 2010B bonds, The Mississippi Business Finance Corporation Series 2010 bonds and The Industrial Development Board of the County of Bradley and the City of Cleveland, Tennessee Series 2010 bonds to reduce the interest rate on the bonds and secure a commitment from the current holders of the bonds to repurchase the bonds through June 30, 2019.

About Olin Corporation

Olin Corporation is a manufacturer concentrated in three business segments: Chlor Alkali Products, Chemical Distribution and Winchester. Chlor Alkali Products, with nine U. S. manufacturing facilities and one Canadian manufacturing facility, produces chlorine and caustic soda, hydrochloric acid, hydrogen, bleach products and potassium hydroxide. Chemical Distribution manufactures bleach products and distributes caustic soda, bleach products, potassium hydroxide and hydrochloric acid. Winchester, with its principal manufacturing facilities in East Alton, IL and Oxford, MS, produces and distributes sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges.

Olin Corporation

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