Ontic to launch $140 million incremental term loan on Thursday

By Sara Rosenberg

New York, July 21 – Ontic (Bleriot US Bidco Inc.) is set to hold a lender call at 11:30 a.m. ET on Thursday to launch a fungible $140 million incremental covenant-lite first-lien term loan due October 2026, according to a market source.

Nomura Securities and Macquarie Capital (USA) Inc. are the arrangers on the deal.

Pricing on the incremental term loan is Libor plus 400 basis points with a 0% Libor floor, in line with existing term loan pricing.

Original issue discount talk on the incremental term loan is not yet available.

The incremental term loan has 101 soft call protection through Aug. 16.

Expected term loan and expected corporate ratings are B2/B. This is an upgrade from existing loan ratings of B2/B- and existing corporate ratings of B3/B-.

Proceeds will be used to repay an existing second-lien term loan and pay fees and expenses.

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

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