Omnova Solutions launches $350 million term B at Libor plus 425 bps

By Sara Rosenberg

New York, Aug. 2 – Omnova Solutions Inc. launched on Tuesday its $350 million term loan B (B1/B+) with price talk of Libor plus 425 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months and a maximum total leverage covenant, the source said.

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

Commitments are due on Aug. 16, the source added.

Proceeds will be used to refinance an existing term loan and senior notes.

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

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