Dynacast sets spread on $530 million term loan at Libor plus 350 bps

By Sara Rosenberg

New York, May 19 – Dynacast International firmed pricing on its $530 million first-lien term loan due January 2022 at Libor plus 350 basis points, the wide end of the Libor plus 325 bps to 350 bps talk, according to a market source.

In addition, the issue price on the term loan was set at par, versus initial talk of 99.75 to par, the source said.

The term loan still has a 1% Libor floor and 101 soft call protection for six months.

J.P. Morgan Securities LLC, Barclays and Macquarie Capital (USA) Inc. are the lead banks on the deal.

Proceeds will be used to reprice an existing term loan from Libor plus 425 bps with a 1% Libor floor.

Existing lenders are being taken out at 101 due to the presence of call protection.

Dynacast is a Charlotte, N.C.-based manufacturer of small, highly complex metal components.

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