Hayward Industries launches $125 million add-on term loan at 99.5 OID

By Sara Rosenberg

New York, Sept. 4 – Hayward Industries Inc. held a lender call at 3 p.m. ET on Tuesday to launch a fungible $125 million add-on covenant-light first-lien term loan (B3) due August 2024 that is talked with an original issue discount of 99.5, according to a market source.

Pricing on the term loan is Libor plus 350 basis points with a 0% Libor floor.

The add-on loan includes 101 soft call protection for six months, the source said.

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

Proceeds will be used to support the acquisition of Paramount Leisure Industries Inc. and to repay some second-lien term loan borrowings.

Hayward is an Elizabeth, N.J.-based manufacturer of residential and commercial pool equipment. Paramount is a Chandler, Ariz.-based supplier of in-floor pool cleaning systems.

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