Omnova Solutions to launch $350 million term loan B on Tuesday

By Sara Rosenberg

New York, July 29 – Omnova Solutions Inc. is scheduled to hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch a $350 million term loan B, according to a market source.

Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, KeyBanc Capital Markets and Jefferies Finance LLC are the bookrunners on the deal.

The loan includes a maximum total leverage covenant.

Proceeds will be used to refinance an existing term loan and senior notes, the source said.

Omnova is a Beachwood, Ohio-based innovator of performance-enhancing chemistries and surfaces for commercial, industrial and residential end uses.

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