DiversiTech completes $348 million term loan repricing with 300 bps spread at par

By Paul A. Harris

Portland, Ore., Feb. 23 – DiversiTech Holdings Inc. priced its fungible $25 million add-on first-lien term loan and repricing of its existing first-lien term loan due June 2024 with a 300 basis points spread to Libor atop a 1% Libor floor at par, according to a market source.

The deal also reprices $323.4 million of term loan debt (B2/B+), decreasing the spread from Libor plus 350 bps.

The loan, now sized at $348.4 million including the $25 million add-on, features 101 soft call protection for six months, the source said.

RBC Capital Markets, Barclays, Deutsche Bank Securities Inc. and Societe Generale are the joint lead arrangers and bookrunners on the deal (B2/B+).

Proceeds from the add-on term loan will be used for general corporate purposes and the repricing will take the existing term loan down from Libor plus 350 bps with a 1% Libor floor.

DiversiTech is a Duluth, Ga.-based manufacturer of components and products related to the heating, ventilating, air conditioning and refrigeration industry.

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