Evoqua cuts spread on $185 million term loan to Libor plus 450 bps

By Sara Rosenberg

New York, April 12 – Evoqua Water Technologies (EWT Holdings III Corp.) reduced pricing on its non-fungible $185 million tack-on first-lien term loan (B2/B) due Jan. 15, 2021 to Libor plus 450 basis points from talk of Libor plus 475 bps to 500 bps, according to a market source.

Also, the original issue discount on the term loan was revised to 99 from talk of 98 to 98.5, the source said.

The term loan still has a 1% Libor floor and 101 soft call protection for one year.

Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc. and RBC Capital Markets are the lead banks on the deal.

Recommitments were due by 1 p.m. ET on Tuesday, the source added.

Proceeds will be used to fund the acquisition of Neptune Benson, a manufacturer of high-quality water filtration and disinfection products for the recreational, industrial and municipal water markets.

Closing is expected this spring, subject to customary regulatory approvals.

Evoqua is a Warrendale, Pa.-based provider of equipment and services for water treatment.

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