Ontic changes $80 million incremental term loan issue price to par

By Sara Rosenberg

New York, Feb. 7 – Ontic (Bleriot US Bidco Inc.) revised the issue price on its fungible $80 million incremental covenant-lite first-lien term loan 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.

Nomura Securities is the left lead arranger on the deal.

Recommitments were scheduled to be due at noon ET on Monday, 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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