Sundyne launches $150 million add-on term loan at 99.27 OID

By Sara Rosenberg

New York, Dec. 7 – Sundyne (Star US Bidco LLC) launched on Thursday a fungible $150 million add-on senior secured covenant-lite first-lien term loan B due March 2027 that is talked with an original issue discount of 99.27, according to a market source.

Pricing on the add-on term loan is SOFR+10 basis points CSA plus 425 bps with a 1% floor.

Amortization on the add-on term loan is 1% per annum, the source said.

Expected term loan ratings are B3/B-.

Morgan Stanley Senior Funding Inc. is the left bookrunner on the deal and the agent.

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

Proceeds will be used to refinance the company’s existing second-lien term loan due 2028, to fund a shareholder distribution, and to pay related fees and expenses.

Sundyne is an Arvada, Colo.-based designer and manufacturer of mission critical pumps and compressors.

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