Nexeo Solutions, a chemicals and plastics distribution firm, amended its term loan credit facility.

According to a related 8-K filing, Bank of America served as administrative agent.

The amendment reflects a 50 basis points reduction in the interest rate to LIBOR+3.75 from LIBOR+4.25 and removal of the 1% LIBOR floor. The amendment also provides a prepayment premium equal to 1% of the amount of the term loan applicable to certain repricing transactions occurring on or prior to six months from the effective date of the amendment.

The amendment will result in an estimated $3.3 million reduction to the company’s annual cash interest expense for each of the next six years, while all other terms remain unchanged.