Omnova Solutions withdraws $307 million term loan B repricing

By Sara Rosenberg

New York, Dec. 13 – Omnova Solutions Inc. pulled the repricing of its $307 million term loan B due August 2023 from the primary market, according to a source.

The source said that the deal was wrapped up so the decision to withdraw the repricing was not related to market conditions.

The choice was made to postpone until early 2018 so that the company can come to market with a more fulsome refinancing, the source added.

Talk on the repricing was Libor plus 325 basis points with a 0% Libor floor, a par issue price and 101 soft call protection for six months.

Deutsche Bank Securities Inc. was the bookrunner on the deal.

The repricing would have taken the term loan B down from Libor plus 425 bps with a 1% Libor floor.

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

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