Omnova firms spread on $196 million term loan at Libor plus 300 bps

By Sara Rosenberg

New York, March 5 - Omnova Solutions Inc. finalized pricing on its $196 million term loan at Libor plus 300 basis points, the tight end of the Libor plus 300 bps to 325 bps talk, according to a market source.

As before, the loan has a 1.25% Libor floor, a par issue price and 101 soft call protection for six months.

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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