Omnova cuts pricing on $200 million term loan B to Libor plus 400 bps

By Sara Rosenberg

New York, Oct. 21 - Omnova Solutions Inc. reduced pricing on its $200 million term loan B (Ba2/B+) to Libor plus 400 basis points from Libor plus 450 bps and added a step-down to Libor plus 375 bps at 2.75 times net total leverage, according to a market source.

In addition, the original issue discount was tightened to 99 from 98½ and 101 soft call protection for one year was added, the source said.

The 1.75% Libor floor was left unchanged.

Commitments are due at noon ET on Monday and closing is expected to occur on Dec. 1.

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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