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Kraton launches $300 million term loan B at SOFR plus 450 bps
By Sara Rosenberg
New York, Oct. 16 – Kraton Corp. was scheduled to hold a lender call at 2:30 p.m. ET on Monday to launch a non-fungible $300 million incremental covenant-lite term loan B due March 15, 2029 that is talked at SOFR plus 450 basis points with a 0.5% floor and an original issue discount of 97, according to a market source.
The incremental term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.
Security is a first priority lien on non-ABL collateral and a second priority lien on ABL collateral.
Wells Fargo Securities LLC is the left lead arranger on the deal.
Commitments are due at noon ET on Oct. 25, the source added.
Proceeds will be used to pay down an existing ABL facility due 2027 and to partially repay a euro term loan B due 2029.
Kraton is a Houston-based producer of specialty polymers and high-value bio-based products derived from pine wood pulping co-products.
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