Middlebury-based specialty chemicals maker Chemtura Corp. said today that it entered into a new U.S. accounts receivable facility to replace its former facility, which has been terminated.
The new facility, entered into on Friday, makes up to $150 million available and has a three-year term.
Chemtura said that some of its lenders under its senior credit facility have agreed to be purchasers under the new facility with a prorata reduction in their participation under the senior facility.
As a result, lender commitments under the senior facility have been cut to $350 million from $500 million, Chemtura said.
Citigroup Global Markets Inc. acted as arranger for the new facility. Citicorp USA NA is agent and Royal Bank of Scotland PLC is the syndication agent.
At 11 a.m., Chemtura shares traded at 68 cents, up 8 cents, or 13.5 percent. (AP)
