Styron Raising $1.3 Billion Term Loan

New York, NY, Jan. 21, 2011 -- Styron, taken private by Bain Capital for $1.63 billion in June, is raising a $1.3 billion term loan to refinance debt and pay back a portion of Bain's investment in the latex maker, Bloomberg News is reporting.

Styron, the former Dow Chemical Co. unit, plans to cut overall debt costs and pay a dividend of about $370 million to Bain.

Bain invested $643 million in the buyout and Styron got an $800 million term loan, a $240 million revolving credit line and $75 million of payment-in-kind notes held by Dow to help pay for the acquisition, Bloomberg said.