North America: Calgon credit news
Calgon Carbon Corporation announced the closing of a new $400-million, syndicated credit facility. At closing, the facility was initially used to refinance existing debt under the company’s previous credit facility, through the issuance of a seven-year $100-million term loan. The $300-million, five-year, revolving-credit facility is expected to provide funding for the approximate $151.5-million cash purchase price of the company’s pending acquisition of CECA’s wood-based activated carbon and filter aid business, which is expected to occur later this quarter. The new revolving-credit facility will also be available for working capital requirements and general corporate purposes.