Solenis reveals OID talk on U.S. and euro incremental term loans

By Sara Rosenberg

New York, Nov. 7 – Solenis Holdings LLC launched on Wednesday its fungible $170 million incremental covenant-light first-lien term loan (B2/B-) due June 26, 2025 with original issue discount talk of 99.25 and its fungible €330 million incremental covenant-light first-lien term loan (B2/B-) due June 26, 2025 with discount talk of 99.5 to 99.75, according to a market source.

Pricing on the incremental U.S. term loan is Libor plus 400 basis points with a 0% Libor floor and pricing on the incremental euro term loan is Euribor plus 425 bps with a 0.5% floor.

Bank of America Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Natixis, RBC Capital Markets, Macquarie Capital (USA) Inc. and ING are the bookrunners on the deal.

Commitments are due at noon ET on Nov. 14, the source added.

Proceeds will be used to fund the combination of Solenis with BASF’s paper and water chemicals business.

The maturity of the company’s existing first-lien term loans will spring to June 26, 2025 upon the closing of the combination.

Solenis is a Wilmington, Del.-based specialty chemicals provider serving the pulp & paper and water treatment industries.

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