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Omnova Solutions to launch $307 million term loan B on Thursday
By Sara Rosenberg
New York, Dec. 6 – Omnova Solutions Inc. is scheduled to hold a lender call at 9:30 a.m. ET on Thursday to launch a $307 million term loan B due August 2023, according to a market source.
Deutsche Bank Securities Inc. is the bookrunner on the deal.
Price talk on the term loan B is Libor plus 325 basis points with a 0% Libor floor and a par issue price, the source said.
The term loan B is getting 101 soft call protection for six months.
The loan includes a maximum net total leverage covenant.
Proceeds will be used to reprice an existing term loan B down from Libor plus 425 bps with a 1% Libor floor.
Commitments are due at noon ET on Dec. 13, the source added.
Omnova is a Beachwood, Ohio-based innovator of performance-enhancing chemistries and surfaces for commercial, industrial and residential end uses.
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