Solmax launches $535 million term loan at Libor plus 475 bps

By Sara Rosenberg

New York, June 10 – Solmax launched on Thursday its $535 million seven-year senior secured term loan (B2/B) with price talk of Libor plus 475 basis points with a 0.75% Libor floor and an original issue discount in the 99 area, according to a market source.

The term loan has 101 soft call protection for six months.

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.

Commitments are due at 5 p.m. 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 Quebec 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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