Univar and its wholly-owned subsidiary, Univar USA entered into an agreement with Bank of America and other lenders to provide a new term B-2 loan facility in an aggregate principal amount of $2.2 billion, which replaces the company’s previous U.S. dollar term loan B and $175.6 million of euro loans outstanding, leaving €82.7 million ($88.7 million) of the original euro term B loan facility outstanding.

The amended term loan facility reflects a 50 basis points reduction in the interest rate to LIBOR+2.75% from LIBOR+3.25% and removal of the 1% LIBOR floor. The amended facility will result in an $11.0 million reduction of interest expense per year for 5.5 years. The maturity date of July 2022 remains unchanged. There was no material change to Univar’s total or secured leverage as a result of the borrowings under the new term loan facilities. The terms of the euro term B loan facility remain unchanged.

Founded in 1924, Univar is a global distributor of specialty and basic chemicals from more than 8,000 producers worldwide.