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Calgon Carbon Ditches JPM As Admin Agent May 18, 2009

--Libby Sallaberry

Calgon Carbon has switched its administrative agent from JPMorgan to First Commonwealth Bank for its new five-year, $95 million credit facility, because the latter offered more attractive terms and a longer maturity. “We went out and talked to a number of smaller, regional banks, and they were much more receptive to do something in the five-year range,” said Leroy Ball, cfo. “No matter how hard we pushed JPMorgan, they were not willing to go beyond three years. We entertained proposals from JPMorgan and First Commonwealth and decided to ...

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