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Fluidra firms €450 million term loan B at par issue price
By Sara Rosenberg
New York, Jan. 21 – Fluidra (Zodiac Pool Solutions LLC) finalized the issue price on its €450 million seven-year covenant-lite term loan B (Ba2) at par, the tight end of revised talk of 99.75 to par and tighter than initial talk of 99.5, according to a market source.
Pricing on the euro term loan remained at Euribor plus 225 basis points with a 0% floor.
The company is also getting a $750 million seven-year covenant-lite term loan B (Ba2) priced at SOFR+CSA plus 200 bps with a 0.5% floor and an original issue discount of 99.75.
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.
Previously in syndication, pricing on the U.S. term loan firmed at the low end of the SOFR+CSA plus 200 bps to 225 bps talk and the discount was revised from 99.5.
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.
Proceeds will be used to refinance existing debt, for general corporate purposes and to pay related transaction fees and expenses.
The company is getting a €450 million senior secured revolving credit facility due 2027 as well.
The terms of the term loans and revolver are linked to two environmental targets.
Closing is expected on Thursday.
Fluidra is a Sabadell, Spain-based provider of pool equipment and wellness solutions.
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