Chromaflo increases add-on term loan amount to $60 million

By Sara Rosenberg

New York, April 16 – Chromaflo (ASP Chromaflo Holdings LP) upsized its fungible add-on covenant-lite first-lien term loan B (B2) due Nov. 18, 2023 to $60 million from $59 million, according to a market source.

Pricing on the add-on term loan is Libor plus 350 basis points with a 1% Libor floor and an original issue discount of 99.75.

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

Morgan Stanley Senior Funding Inc. and KeyBanc Capital Markets are the joint lead arrangers and bookrunners on the deal.

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.

Closing is expected during the week of May 3.

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

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