Ontic changes $140 million incremental term loan issue price to par

By Sara Rosenberg

New York, July 27 – Ontic (Bleriot US Bidco Inc.) revised the issue price on its fungible $140 million incremental covenant-lite first-lien term loan (B2/B) due October 2026 to par from talk in the range 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.

Recommitments were scheduled to be due at 11:30 a.m. ET on Tuesday, the source added.

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

Closing is expected during the week of Aug. 2.

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

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