Hayward Industries to launch $850 million term loan B on Monday

By Sara Rosenberg

New York, July 6 – Hayward Industries Inc. is set to hold a bank meeting at 1:30 p.m. ET on Monday to launch an $850 million seven-year covenant-light first-lien term loan B, according to a market source.

Bank of America Merrill Lynch, Jefferies LLC, Morgan Stanley Senior Funding Inc. and Nomura are the leads on the deal.

Proceeds will be used to help fund the buyout of the company by a partnership led by CCMP Capital Advisors LP and MSD Partners LP, and including the Alberta Investment Management Corp.

The company is also getting a $285 million second-lien term loan that is being privately placed, the source added.

Closing is expected in the third quarter, subject to customary conditions.

Hayward is an Elizabeth, N.J.-based manufacturer of residential and commercial pool equipment.

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