Novolex term loan frees to trade atop OID; Solenis accelerates commitment deadline

By Sara Rosenberg

New York, March 30 – Novolex Holdings LLC (Clydesdale Acquisition Holdings Inc.) increased the size of its first-lien term loan, tightened the original issue discount and extended the call protection before breaking for trading on Wednesday.

Novolex raised its seven-year sustainability-linked first-lien term loan (B2/B) to $3 billion from $2.63 billion as it scaled back its sustainability-linked senior secured notes to $500 million from $750 million and its sustainability-linked senior notes to $1.11 billion from $1.23 billion, a market source remarked.

In addition, original issue discount talk on the term loan was revised to a range of 97 to 97.5 from 96, and then the discount firmed at 97.5, and the 101 soft call protection was extended to one year from six months, the source said.

Pricing on the term loan remained at SOFR+10 basis points CSA plus 425 bps with a 0.5% floor.

And, in more happenings, Solenis moved up the commitment deadline for its incremental term loan B.

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