Hayward launches $1 billion term loan B at Libor plus 275 bps

By Sara Rosenberg

New York, May 10 – Hayward Industries Inc. held a lender call on Monday to launch a $1 billion seven-year term loan B (B2/BB-) that is talked at Libor plus 275 basis points with a 0.5% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

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

BofA Securities Inc. and Nomura are the leads on the deal.

Commitments are due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to repay existing first-lien term loans and ABL revolver borrowings.

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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