Vectra to launch $474 million first-lien term loan on Thursday

By Sara Rosenberg

New York, Aug. 2 – Vectra Co. (Duke Finance LLC) is scheduled to hold a lender call at noon ET on Thursday to launch a $474 million first-lien term loan (B2/B) due Feb. 21, 2024, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Price talk on the term loan is Libor plus 425 basis points with a 1% Libor floor and a par issue price, the source said.

The term loan has 101 soft call protection for six months.

Proceeds will be used to reprice an existing term loan down from Libor plus 500 bps with a 1% Libor floor.

Commitments are due on Aug. 10, the source added.

Vectra, formerly known as OM Group Inc., is a St. Louis-based technology-driven specialty materials and specialty chemicals company.

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