Solmax to launch $535 million term loan on Thursday morning

By Sara Rosenberg

New York, June 8 – Solmax is scheduled to hold a lender call at 9:30 a.m. ET on Thursday to launch a $535 million seven-year senior secured term loan, according to a market source.

Barclays and TD Securities (USA) LLC are the bookrunners on the deal and joint lead arrangers with HSBC Securities (USA) Inc. and BMO Capital Markets.

The term loan has 101 soft call protection for six months, the source said.

Expected term loan ratings are B2/B.

Commitments are due at noon ET on June 24, the source added.

Proceeds will be used to fund the acquisition of TenCate Geosynthetics from Koninklijke Ten Cate and refinance existing Solmax debt.

Caisse de depot et placement du Québec and Fonds de solidarite FTQ, Solmax’s financial partners, are both investing in this transaction.

Closing is expected this quarter, subject to customary approvals by regulatory authorities.

Solmax is a Quebec-based producer of polyethylene geomembranes for industrial and environmental applications. TenCate is a provider of geosynthetics and industrial fabrics.

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