2 Banks Leading $1B Loan for Union Carbide

J.P. Morgan & Co. is acting as arranger and documentation agent with administrative agent Chase Manhattan Corp. on a $1 billion syndicated loan for Danbury, Conn.-based Union Carbide.

The credit replaces an equal portion of a $1.2 billion loan placed by the same two banks in 1994. The bank meeting for the credit was held Thursday, according to Loan Pricing Corp.

Pricing on the five-year revolver starts at 21.5 basis points above the London interbank offered rate, with a facility fee of 11 basis points. Commitments are due Jan. 10, Loan Pricing said.

Separately, Standard & Poor's assigned a B-plus rating to a $60 million revolver for Occusystems. The Dallas-based company is the largest consolidator of medical practices focusing on occupational services. The speculative-grade ratings reflect the company's rapid growth from a small base and the risks of operating in a highly regulated environment.