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Novolex lifts term loan to $3 billion, revises OID to 97.5
By Sara Rosenberg
New York, March 30 – Novolex Holdings LLC (Clydesdale Acquisition Holdings Inc.) upsized its seven-year sustainability-linked first-lien term loan (B2/B) to $3 billion from $2.63 billion and revised original issue discount talk to a range of 97 to 97.5 from 96, before finalizing the discount at 97.5, according to a market source.
Also, the 101 soft call protection on the term loan was extended to one year from six months, the source said.
Pricing on the term loan remained at SOFR+10 basis points CSA plus 425 bps with a 0.5% floor.
Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, Barclays, Deutsche Bank Securities Inc., RBC Capital Markets, Wells Fargo Securities LLC, BNP Paribas Securities Corp., MUFG, HSBC Securities (USA) Inc., BMO Capital Markets, Mizuho and Macquarie Capital (USA) Inc. are the arrangers on the deal.
Recommitments were scheduled to be due at noon ET on Wednesday, the source added. The original commitment deadline was 5 p.m. ET on Wednesday.
Proceeds will be used to help fund the buyout of the company by Apollo Global Management from Carlyle. Carlyle will retain a minority stake in the company.
Other funds for the transaction will come from $500 million of sustainability-linked senior secured notes, downsized from $750 million, and $1.11 billion of sustainability-linked senior notes, downsized from $1.23 billion. The notes were downsized in connection with the term loan upsizing.
Closing is expected in the second quarter, subject to regulatory approvals.
Novolex is a Hartsville, S.C.-based manufacturer of packaging products for the foodservice, delivery and carryout, food processor and industrial markets.
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