Evoqua Water readies launch of $796 million term loan for Friday

By Sara Rosenberg

New York, Dec. 7 – Evoqua Water Technologies (EWT Holding III Corp.) is scheduled to hold a lender call at 10 a.m. ET on Friday to launch a $796 million covenant-light first-lien term loan (B2/B) due December 2024, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Price talk on the term loan is Libor plus 300 basis points to 325 bps with a 1% Libor floor and a par issue price, the source said.

The term loan has 101 soft call protection for six months.

Proceeds will be used to extend an existing term loan from January 2021 and reprice the debt from Libor plus 375 bps with a 1% Libor floor.

Lenders will be offered a 25 bps amendment fee, the source added.

Commitments are due on Dec. 14.

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

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