Vantage Specialty Chemicals talks $820 million term loan at SOFR plus 475 bps, OID of 97-98

By Paul A. Harris

Portland, Ore., Feb. 22 – Vantage Specialty Chemicals, Inc. talked its $820 million first-lien term loan B (B2/B-/B+) at SOFR plus 475 basis points atop a 0.5% floor and an original issue discount of 97 to 98, according to a market source.

Commitments are due at 10 a.m. ET on March 3.

The deal features six months of soft call protection at 101 and a 1% annual amortization rate. There is no credit spread adjustment.

Morgan Stanley is the administrative agent. Citigroup, KKR, RBC and MUFG are bookrunners.

The Chicago-based specialty chemicals company plans to use the proceeds to refinance its existing first- and second-lien term loans.

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