Davis Polk advised Citigroup Global Markets Inc. as sole lead arranger of a $1.75 billion senior unsecured bridge loan facility and as joint lead arranger of a $1 billion senior unsecured term loan facility for Eastman Chemical Company in connection with Eastman Chemical’s acquisition of Taminco Corporation.

In addition, Davis Polk advised Citibank, N.A. as administrative agent in connection with the amendment and restatement of Eastman Chemical’s existing five-year revolving credit facility. Pursuant to the amendment and restatement, aggregate commitments under the facility were increased from $1 billion to $1.25 billion and the maturity of the facility was extended to October 9, 2019, among certain other changes.

Headquartered in Kingsport, Tennessee, Eastman Chemical is a global specialty chemical company that produces a broad range of advanced materials, chemicals and fibers. In 2013, the company reported sales revenue of $9.4 billion. Eastman Chemical has 45 manufacturing sites in 16 countries and equity interests in joint ventures that supply chemicals, plastics and fibers products to customers throughout the world.

The Davis Polk credit team included partner Jason Kyrwood and associates Scott M. Herrig and David S. Wheelock. The tax team included partner Kathleen L. Ferrell and law clerks Vinay Prabhakar and Samantha Jacoby. Counsel Jeanine P. McGuinness provided economic sanctions advice. Counsel John T. Wright provided benefits advice. Associate Amy E. Turner provided environmental advice. All members of the Davis Polk team are based in the New York and Washington DC offices.