Element Solutions ups term B to $1.15 billion, revises OID to 99.75

By Sara Rosenberg

New York, Dec. 6 – Element Solutions Inc./MacDermid Inc. upsized its seven-year term loan B to $1.15 billion from $1 billion and changed the original issue discount to 99.75 from 99.5, according to a market source.

Pricing on the term loan remained at SOFR plus 200 basis points with a 0% floor.

As before, the term loan has 101 soft call protection for six months and 0 bps CSA.

BofA Securities Inc. is the left lead arranger on the deal.

Commitments are due at 2 p.m. ET on Thursday, accelerated from 5 p.m. ET on Thursday, the source added.

Proceeds will be used with cash from the balance sheet to refinance the company’s existing term loan B due 2026, and the funds from the upsizing will repay some term loan A borrowings.

Element Solutions is a Fort Lauderdale, Fla.-based diversified specialty chemicals company.

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