OQ Chemicals to Start Sales Process, Agrees Lender Deal
- Major lenders to provide €75 million in interim financing
- Germany-based firm has been looking for refinancing solution
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The Omani owner of OQ Chemicals GmbH is set to kick off a sales process for the business after the company reached a short-term financing deal with lenders.
The Germany-based chemicals manufacturer confirmed an earlier Bloomberg report that some of its main lenders have agreed to provide €75 million ($80.2 million) in bridge financing. A group of lenders have also signed an agreement with the company to extend the maturities of €1.1 billion equivalent of debt due later this year, although the details are still yet to be finalized.