Banks Launch Debt Sale to Refinance Chemicals Firm Archroma

Banks have launched a more than $1 billion debt sale for Swiss chemicals firm Archroma to refinance its loan coming due next year, after the firm showed improving earnings amid a difficult period in the sector.

The sale consists of $846 million in leveraged loans denominated in euros and US dollars. Commitments are due on April 14 and the proceeds will go toward paying down a term loan and partially repaying a revolving-credit facility.