Avient sets term loan B-7 size at roughly $731.6 million

By Sara Rosenberg

New York, Aug. 4 – Avient Corp. finalized the size of its first-lien senior secured covenant-lite term loan B-7 due Aug. 29, 2029 (Ba1/BB+) at $731,597,036.98, versus talk at launch of $832 million, according to a market source.

The company did say during syndication that it would use $100 million of cash from the balance sheet to repay non-consenting lenders, if any, and the balance would be used for a pro-rata repayment at closing.

Pricing on the term loan B-7 is SOFR plus 250 basis points with a 0.5% floor and a par issue price.

The term loan B-7 has 101 soft call protection for six months, 0 bps CSA and amortization of 1% per annum.

Earlier in syndication, the issue price for existing term loan B-5 lenders and new money lenders was revised from 99.75.

Morgan Stanley Senior Funding Inc., JPMorgan Chase Bank and Citigroup Global Markets Inc. are the bookrunners on the deal. Citi is the agent.

Proceeds will be used to refinance the company’s existing term loan B-5 due 2026 and term loan B-6 due Aug. 29, 2029 and to pay related fees and expenses.

Closing is expected in mid-August.

Avient is an Avon Lake, Ohio-based provider of specialized and sustainable material solutions.

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