Ontic launches $140 million incremental term loan at 99.5-99.75 OID

By Sara Rosenberg

New York, July 22 – Ontic (Bleriot US Bidco Inc.) launched on Thursday its fungible $140 million incremental covenant-lite first-lien term loan (B2/B) due October 2026 with original issue discount talk of 99.5 to 99.75, according to a market source.

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

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

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

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

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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