Bank of America and Scotia Capital are arranging a $2.9 billion credit facility that has a securitization component to it for Ashland.

Ashland is a Covington, Ky.-based chemical company that makes resins, polymers and adhesives used in cars. The debt will help fund the company's $3.3 billion acquisition of Hercules, a Wilmington, Del.-based chemical company that specializes in water-treatment chemicals used in latex paints and printing inks.

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