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BofA, JPMorgan Chase Lead up to $500MM Financing for Balchem Corporation

June 29, 2018, 08:00 AM
Filed Under: Chemicals

Balchem Corporation (BCPC) announced that the company has entered into a new credit agreement with its lenders in the form of a senior secured revolving credit facility, due 2023.  The new revolving credit agreement allows for up to $500 million of borrowing. The company has used initial proceeds from the new credit agreement to repay the outstanding balance of $211 million on its senior secured term loan A, due May 2019.

Ted Harris, President, CEO and Chairman of the Board, stated: “Our new revolving credit agreement enhances our strong financial profile and provides increased flexibility. We are very pleased with the strong interest from the lenders, with the well over-subscribed facility further demonstrating the strength of our financials.  The available funds from this new credit facility, combined with our strong cash flow, strengthen our ability to execute on our growth plans."

Borrowings under the new credit facility initially bear interest at an annual rate of LIBOR plus 1.125%, which may change based on the Company’s leverage ratio.  The revolving credit facility initially carries an unused fee of 0.175% annually, which may also change based on the Company’s leverage ratio. 

JPMorgan Chase Bank, N.A. and Bank of America, N.A. are co-lead arrangers for the new facility, leading a syndicate that includes six additional banks.



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