Wellman Inc, a maker of polyester fiber and products, announced that it closed on a $225 million Revolving Credit Facility (increased from $175 million) which may be increased to $275 million at Wellman's discretion subject to obtaining commitments for any increase.
The facility has a five year term and conditions that are generally more favorable than our previous facility.
Keith Phillips, Wellman's CFO, stated, "Our new Revolving Credit Facility was oversubscribed and well received by the syndicated loan market. Deutsche Bank was very helpful in arranging a facility that permits us to borrow on better terms and conditions, reduces our borrowing costs, and maximizes our liquidity. Availability under this facility was approximately $120 million at closing."
Deutsche Bank was Lead Arranger and Bookrunner; JP Morgan Chase Bank NA. was Syndication Agent; and General Electric Capital Corporation, LaSalle Business Credit, LLC, and Wachovia Capital Finance were Co-Documentation Agents.
Wellman Inc manufactures and markets high-quality polyester products, including PermaClear brand PET (polyethylene terephthalate) packaging resin and Fortrel brand polyester fiber. One of the world's largest PET plastic recyclers, it utilizes a significant amount of recycled raw materials in its manufacturing operations.
marketing@alchempro.com
