Hayward finalizes $150 million term loan at Libor plus 375 bps

By Sara Rosenberg

New York, Oct. 23 – Hayward Industries Inc. set pricing on its $150 million incremental first-lien term loan (B3/B) at Libor plus 375 basis points, the low end of the Libor plus 375 bps to 400 bps talk, according to a market source.

Also, the original issue discount on the term loan firmed at 98.25, the midpoint of the 98 to 98.5 talk, the source said.

The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.

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

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.