Omnova seeks $196 million term loan at Libor plus 300-325 bps

By Sara Rosenberg

New York, Feb. 28 - Omnova Solutions Inc. is in market with a $196 million term loan that is talked at Libor plus 300 basis points to 325 bps with a 1.25% Libor floor and a par offer price, according to a market source.

The loan has 101 soft call protection for six months, the source said.

Deutsche Bank Securities Inc. is the lead bank on the deal.

Proceeds will be used to refinance existing debt.

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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