Quaker Houghton completes $550 million 7‑year Term Loan B refinancing
Quaker Houghton closed a new seven‑year, US‑dollar Term Loan B worth $550 million that will replace its existing U.S. term loan obligations. The facility matures in October 2033 and carries an interest rate of SOFR + 175 basis points with quarterly amortization of 0.25 % of the original principal. CEO Joseph Berquist said the loan lengthens the company’s debt horizon and lowers yearly debt service, giving more flexibility for growth projects. JPMorgan Chase Bank acted as the administrative agent.
Why it matters
The refinancing extends the maturity of Quaker Houghton’s debt and reduces annual interest payments, which should improve its liquidity profile and free cash flow for strategic initiatives, according to the company’s statement.
Key facts
- 1The new Term Loan B has an aggregate principal amount of $550 million. prnewswire.com
- 2The loan has a seven‑year term and will mature in October 2033. prnewswire.com
- 3The interest rate is set at SOFR + 175 basis points. prnewswire.com
- 4Quarterly amortization payments equal 0.25 % of the initial principal. prnewswire.com
- 5Proceeds will be used to fully retire the company’s outstanding U.S. term loans. prnewswire.com
- 6JPMorgan Chase Bank, N.A., served as the administrative agent for the transaction. prnewswire.com
Summary written by AlphAI from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.