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Ontic launches $80 million incremental term loan at 99.5-99.75 OID
By Sara Rosenberg
New York, Feb. 1 – Ontic (Bleriot US Bidco Inc.) launched on Tuesday its fungible $80 million incremental covenant-lite first-lien term loan 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.
Nomura Securities is the left lead arranger on the deal.
Commitments are due at noon ET on Feb. 8, the source added.
Proceeds will be used to repay outstanding revolving credit facility borrowings, fund cash to the balance sheet, 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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