Albaugh prices $100 million incremental term loan B at 99.03 OID

By Sara Rosenberg

New York, Nov. 24 – Albaugh, LLC wrapped syndication of a fungible $100 million covenant-lite incremental term loan B due December 2024 at an original issue discount of 99.03, according to a market source.

Pricing on the incremental term loan is Libor plus 350 basis points with a 1% Libor floor, in line with existing term loan B pricing.

HSBC Securities (USA) Inc. is the left lead bookrunner and administrative agent on the deal.

Proceeds will be used for general corporate purposes.

Funding is expected in early December.

Also, the company is amending its existing credit agreement to provide $100 million of capacity for local receivable financing lines to optimize liquidity.

Lenders were offered a 12.5 bps amendment fee.

Albaugh is an Ankeny, Iowa-based producer of off-patent agrochemical products.

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