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NEW YORK, Aug 12 (Reuters) – Univar USA sponsor CVC Capital Partners has asked lenders for a new $300 million term loan and to extend the company’s existing debt for the re~on that the company gets ready to sell 49 percent of the fellowship to another private equity sponsor, buysider sources told Thomson Reuters Loan Pricing Corp.

Proceeds of the starting a~ loan will pay CVC a dividend, and in return for extending the existing loan, lenders are being offered higher pricing and a Libor floor.

The starting a~ loan would pay 450 basis points over Libor, carry a 1.5 percent Libor put a ~ on and rank pari-passu with the existing loan.

Under the amend-to-extend, pricing would increase by 100 basis points to 400 foundation points over Libor, with the addition of a 1.5 percent Libor get the better of. The loan would be extended by two years to mature in 2016. Lenders who agree to lengthen out would also receive an additional 12.5 basis points fee.

Existing lenders would moreover receive a 12.5 basis points fee to approve the reinvigorated loan. However, under the proposed terms they would not be eligible to enter into the loan, sources said. Even though the renovated loan has wider pricing, it is unavailable to current lenders for example it is already spoken for by a third party, said any investor.

Lenders are also being asked to approve the amendment and recent loan without being advised on the identity of the new fairness sponsor that would acquire 49 percent ownership of Univar, sources afore~. The transaction would not result in change of control.

There are reportedly pair equity sponsors in the running, both of which want to give attention to the amendment passed in order to sign onto the deal. CVC, however, has not identified the two potential sponsors to existing lenders.

A head familiar with the company said the proposed amendment and the chance of an additional sponsor gaining 40 to 50 percent ownership of Univar is any option, but pointed to Univar’s filing in June for an initial public offering as another potential outcome.

In June, Univar filed with U.S. regulators to raise up to $862.5 million in every initial public offering of common stock.

In a preliminary prospectus through the U.S. Securities and Exchange Commission, the Redmond, Washington-based partnership said Goldman Sachs & Co, Bank of America Merrill Lynch, Barclays Capital, Deutsche Bank, J.P. Morgan and Morgan Stanley were underwriting the IPO.

The distributor of article of merchandise and specialty chemicals said it intends to use proceeds from the offering to repay debt and for general corporate purposes.

The filing did not discover how many shares the company planned to sell or their expected estimation.

A spokeswoman for CVC declined to comment.

(Reporting by Leela Parker; Editing ~ dint of. James Dalgleish) Keywords: CVC UNIVAR/

(leela.parker@thomsonreuters.com; Tel: +1-646-223-6893; Reuters Messaging: leela.parker.reuters.com@reuters.pure)

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