Hayward launches $125 million term loan at SOFR plus 325-350 bps

By Sara Rosenberg

New York, Dec. 6 – Hayward Industries Inc. was scheduled to hold a lender call at 2 p.m. ET on Tuesday to launch a non-fungible $125 million incremental senior secured term loan (BB) due May 2028 that is talked at SOFR+10 basis points CSA plus 325 bps to 350 bps with a 0.5% floor and an original issue discount of 96, according to a market source.

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

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

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

Proceeds will be used to repay borrowings under the company’s asset-based revolving credit facility and for general corporate purposes.

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.