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  • Kraton Performance Polymers, Inc. (KRA) Closes on Refinancing Deals 0 comments
    Feb 14, 2011 5:26 PM | about stocks: KRA
    Kraton Performance Polymers, Inc. reported the closing of two recent capital market transactions with the proceeds used to refinance its existing debt obligations and provide additional liquidity for the company.

    Kraton Performance Polymers, Inc. issued $250 million senior notes in a private placement transaction with a group of institutional investors. The senior notes have a coupon of 6.75% and mature in 2019. The company said that due to strong interest from investors, the amount sold was raised from the original amount of $200 million.

    Kraton Performance Polymers, Inc. also secured a two part $350 million senior secured credit facility, including a $200 million senior secured revolving credit facility and a $150 million senior secured term loan facility. Both facilities have a five year term.

    Kraton Performance Polymers, Inc. said that the company will use the proceeds from the senior notes and the term loan facility to pay down its existing debt. The senior secured revolving credit facility will remain undrawn and will be used to provide future liquidity if needed.

    The company engaged in the transactions to increase the company’s financial flexibility and take advantage of low rates. Stephen E. Tremblay, the CFO of Kraton Performance Polymers, Inc., said, “Through these transactions we have extended our debt maturity profile and increased our financial flexibility, thereby allowing greater latitude for future growth, and we believe we have accomplished these objectives under extremely attractive rates, terms and conditions.”

    For more information on the company, go to kraton.com

    Please see disclaimer on QualityStocks website: disclaimer.qualitystocks.net
    Stocks: KRA
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