Ontic sets spread on $551 million term loan at Libor plus 400 bps

By Sara Rosenberg

New York, Feb. 10 – Ontic (Bleriot US Bidco Inc.) finalized pricing on its $551 million covenant-lite first-lien term loan due October 2026 at Libor plus 400 basis points, the low end of the Libor plus 400 bps to 425 bps talk, according to a market source.

In addition, the issue price on the term loan firmed at par, the tight end of the 99.75 to par talk, the source said.

The term loan still has a 0% Libor floor and 101 soft call protection for six months.

Nomura Securities is the arranger on the deal.

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

Closing is expected during the week of Feb. 15.

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

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