IPS $455 million credit facility to include $35 million ABL revolver

By Sara Rosenberg

New York, Nov. 4 – IPS Corp. is planning on getting a $35 million ABL revolving credit facility in addition to the $420 million in term loans that will launch with a bank meeting on the morning of Nov. 10, according to a market source.

As previously reported, the term debt consists of a $310 million seven-year first-lien term loan and a $110 million eight-year second-lien term loan.

Both term loans are covenant-light, the source said.

Jefferies Finance LLC is the lead on the deal.

Proceeds will be used to refinance existing debt and fund a dividend.

IPS, a portfolio company of Nautic Partners LLC, is a Compton, Calif.-based manufacturer of solvent cements, primers and sealants, plumbing and roofing products, and structural and assembly adhesives.

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