Omnova Solutions launches $200 million term loan at Libor plus 450 bps

By Sara Rosenberg

New York, Oct. 14 - Omnova Solutions Inc. launched its $200 million term loan on Thursday with price talk of Libor plus 450 basis points with a 1.75% Libor floor and an original issue discount of 981/2, according to a market source.

Deutsche Bank and JPMorgan are the lead banks on the deal.

Proceeds, along with $250 million of senior notes, will be used to fund the acquisition of Eliokem International SAS and to repay an existing term loan.

Omnova is a Fairlawn, Ohio-based provider of emulsion polymers, specialty chemicals, and decorative and functional surfaces for commercial, industrial and residential end uses.

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