Process Solutions firms $355 million term loan at Libor plus 600 bps

By Sara Rosenberg

New York, April 30 – Process Solutions finalized pricing on its $355 million seven-year covenant-lite first-lien term loan at Libor plus 600 basis points, the high end of the Libor plus 575 bps to 600 bps talk, according to a market source.

As before, the term loan has a 0% Libor floor, an original issue discount of 98 and 101 soft call protection for six months.

The company’s $405 million of credit facilities (B/BB-) also include a $50 million revolver.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and Jefferies LLC are the lead arrangers on the deal.

Proceeds will be used to help fund the buyout of the company by One Rock Capital Partners LLC from Newell Brands.

Closing is expected this quarter, subject to regulatory approval and other customary conditions.

Process Solutions is a Greenville, S.C.-based manufacturer and material sciences company that offers custom-designed plastic, nylon, monofilament and zinc products in the health care, consumer and industrial end markets.

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