Omnova Solutions to launch $306 million term loan B on Tuesday

By Sara Rosenberg

New York, Feb. 16 – Omnova Solutions Inc. is set to hold a lender call at 2 p.m. ET on Tuesday to launch a $306 million term loan B (B1/B) due August 2023, according to a source.

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

Price talk on the loan is Libor plus 325 basis points with a 0% Libor floor and a par issue price, the source said.

The term loan has 101 soft call protection for six months and a maximum net total leverage maintenance covenant.

Commitments are due at 5 p.m. ET on Feb. 26, the source added.

Proceeds will be used to reprice an existing 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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