Vantage Specialty lifts term loan to $835 million, firms OID at 97

By Sara Rosenberg

New York, March 3 – Vantage Specialty Chemicals Inc. upsized its covenant-lite first-lien term loan B (B2/B-/B+) due Oct. 26, 2026 to $835 million from $820 million and set the original issue discount at 97, the wide end of the 97 to 98 talk, according to a market source.

Pricing on the term loan remained at SOFR plus 475 basis points with a 0.5% floor.

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

Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc., KKR Capital Markets, RBC Capital Markets and MUFG are the bookrunners on the deal. Morgan Stanley is the administrative agent.

Recommitments were scheduled to be due at 3 p.m. ET on Friday, the source added.

Proceeds will be used to refinance existing first- and second-lien term loans, and pay related fees and expenses. The additional funds raised through the upsizing will pay the incremental original issue discount.

Vantage Specialty is a Chicago-based specialty chemicals company.

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