Chromaflo launches $59 million add-on term loan B at 99.75 OID

By Sara Rosenberg

New York, April 15 – Chromaflo (ASP Chromaflo Holdings LP) launched on Thursday its fungible $59 million add-on covenant-lite first-lien term loan B (B2) due Nov. 18, 2023 with original issue discount talk of 99.75, according to a market source.

Pricing on the add-on term loan is Libor plus 350 basis points with a 1% Libor floor.

The add-on term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Morgan Stanley Senior Funding Inc. is the left lead arranger on the deal.

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

Proceeds will be used to refinance an existing non-fungible $59 million term loan B.

The company also privately placed a $145 million second-lien term loan to fund a dividend to shareholders.

Chromaflo is an Ashtabula, Ohio-based manufacturer of chemical and pigment dispersions for architectural and industrial coatings.

© 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.