Albaugh readies launch of $750 million term loan B for Wednesday

By Sara Rosenberg

New York, Feb. 8 – Albaugh LLC is set to hold a lender call at 11 a.m. ET on Wednesday to launch a $750 million seven-year term loan B, according to a market source.

HSBC Securities (USA) Inc., JPMorgan Chase Bank, Rabobank, Santander, Truist and BofA Securities Inc. are the joint lead arrangers on the deal. HSBC is the administrative agent.

Price talk on the term loan is SOFR plus 375 basis points to 400 bps with a 1% floor and an original issue discount of 99, the source said.

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

Expected corporate and term loan ratings are Ba3/BB-.

Commitments are due at 10 a.m. ET on Feb. 18, the source added.

Proceeds will be used to refinance an existing credit facility and fund the acquisition of Rotam Global AgroSciences Ltd., a Hong Kong-based provider of crop protection solutions, for NT$26.23 per share, or about $197.5 million net of cash and debt.

Closing is subject to customary procedures and regulatory approvals.

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

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