Ontic launches $551 million term loan at Libor plus 400-425 bps

By Sara Rosenberg

New York, Feb. 3 – Ontic (Bleriot US Bidco Inc.) launched on Wednesday its $551 million covenant-lite first-lien term loan due October 2026 with price talk of Libor plus 400 basis points to 425 bps with a 0% Libor floor and an original issue discount of 99.75 to par, according to a market source.

The term loan has 101 soft call protection for six months.

Nomura Securities is the arranger on the deal.

Commitments are due at noon ET on Feb. 12, the source added.

Proceeds will be used to reprice an existing term loan down from Libor plus 475 bps with a 0% Libor floor.

Ontic is a provider of OEM-licensed parts and aftermarket services for mature aerospace and defense platforms.

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