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Solenis frees to trade following OID change; Doosan Bobcat term loan updates surface
By Sara Rosenberg
New York, March 31 – Solenis tightened the original issue discount on its incremental term loan B and then freed to trade on Thursday above the new issue price.
In other news, Doosan Bobcat trimmed the spread on its term loan B and modified original issue discount guidance.
Solenis tweaked, trades
Solenis revised the original issue discount on its $300 million incremental term loan B due November 2028 (B2/B-) to 98 from talk in the range of 97 to 97.5, according to a market source.
As before, the incremental term loan is priced at SOFR+10 basis points CSA plus 450 bps with a 0.5% floor and has 101 soft call protection for six months.
On Thursday afternoon, the incremental term loan broke for trading, with levels quoted at 98¼ bid, 99¼ offered, another source added.
Goldman Sachs and BofA Securities Inc. are leading the deal that will be used to pay down ABL borrowings and to add cash to balance sheet for general corporate purposes.
Platinum Equity is the sponsor.
Solenis is a Wilmington, Del.-based manufacturer and distributor of specialty chemicals and solutions for water-intensive industries and pools.
Doosan flexes
Doosan Bobcat lowered pricing on its $850 million seven-year term loan B to SOFR+10 bps CSA plus 250 bps from talk in the range of 275 bps to 300 bps, and changed the original issue discount talk to a range of 98 to 98.5 from 97.5, a market source remarked.
The 0.5% floor and 101 soft call protection for six months on the term loan were unchanged.
Commitments continue to be due at noon ET on Friday, the source added.
BofA Securities Inc., JPMorgan Chase Bank, PNC Capital Markets and TD Securities (USA) LLC are leading the deal that will be used refinance existing debt.
Doosan Bobcat is a manufacturer of compact farm and construction equipment.
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