Hayward launches $150 million term loan at Libor plus 375-400 bps

By Sara Rosenberg

New York, Oct. 20 – Hayward Industries Inc. held a lender call on Tuesday to launch a $150 million incremental first-lien term loan (B3/B) that is talked at Libor plus 375 basis points to 400 bps with a 0.75% Libor floor and an original issue discount of 98 to 98.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

BofA Securities, Inc., Nomura and Jefferies LLC are the leads on the deal.

Commitments are due at noon ET on Friday, the source added.

Proceeds will be used with cash on hand to fund a dividend.

Hayward is a Berkeley Heights, N.J.-based manufacturer of residential and commercial pool and spa equipment as well as industrial flow control products.

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