A $467 million bridge financing for Apollo Global Management Group's $1.6 billion leveraged buyout of chemical company Taminco NV launched Tuesday, Jan. 10, according to a source.

A $452 million covenant-lite term loan followed Wednesday, with indicative terms at LIBOR plus 525, a 1.25% LIBOR floor and a 97 offer price, another source said.

The 1-year senior secured bridge loan had an initial rate of LIBOR plus 850 with a 1.25% LIBOR floor. It was issued at par and has a 50 basis point step up every 90 days after the closing date. Commitments are due Jan. 13 by 5 p.m. Credit Suisse Group, UBS, Citigroup Inc., Nomura Holdings, Deutsche Bank and Goldman, Sachs & Co. are the lead arrangers.

In addition to the term loan, the financiers are also arranging a $198 million revolver available in both the U.S. and Europe. Commitments are due Jan. 24. Debt for the buyout will equal €720 million ($920 million).

Apollo announced in December it would buy Taminco, of Ghent, Belgium, from CVC Capital Partners Group. CVC garnered a 2.5 to 3 times return on its €800 million secondary buyout in 2007.