Fluidra sets price talk on €1.1 billion of U.S. and euro term loans

By Sara Rosenberg

New York, Jan. 12 – Fluidra (Zodiac Pool Solutions LLC) released price talk on its €650 million equivalent U.S. seven-year covenant-lite term loan B (Ba2) and €450 million euro seven-year covenant-lite term loan B (Ba2) with its lender call on Wednesday, according to a market source.

The U.S. term loan is talked at SOFR+CSA plus 200 basis points to 225 bps with a 0.5% floor and an original issue discount of 99.5, and the euro term loan is talked at Euribor plus 225 bps with a 0% floor and a discount of 99.5, the source said.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Both term loans have 101 soft call protection for six months and amortization of 1% per annum.

BBVA, Citigroup Global Markets Inc. and HSBC are the joint global coordinators and bookrunners on the deal, with BBVA the sole sustainability coordinator, Citi the sole left lead on the U.S. term loan and HSBC the sole left lead on the euro term loan. BofA Securities Inc., BNP Paribas Securities Corp., JPMorgan Chase Bank and Santander are joint bookrunners.

Commitments are due at 10 a.m. ET on Jan. 21 for the U.S. loan and at 5 a.m. ET on Jan. 21 for the euro loan, the source added.

Proceeds will be used to refinance existing debt, for general corporate purposes and to pay related transaction fees and expenses.

Fluidra is a Sabadell, Spain-based provider of pool equipment and wellness solutions.

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