Daily News: January 9, 2014

Bloomberg: W.R. Grace Seeks $1.55B for Bankruptcy Exit

Bloomberg reported that W.R. Grace & Co. is seeking $1.55 billion in loans to support its emergence from bankruptcy, 12 years after it filed for protection from creditors to escape more than 100,000 asbestos-related injury claims.

Bloomberg added the financing includes a $700 million term loan, a $200 million term portion denominated in euros, a $250 million delayed-draw term loan and $400 million in revolving lines of credit, according to a court filing yesterday. Goldman Sachs Group, Deutsche Bank AG, Bank of America, HSBC Holdings, Citigroup, KeyCorp, PNC Bank and Sumitomo Mitsui Banking are arranging the financing, Bloomberg said further.

To read the entire Bloomberg article, click here.

Previously on abfjournal: Court Confirms W.R. Grace Chapter 11 Plan, February 1, 2012