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Valtris Specialty relaunches first- and second-lien term loans
By Sara Rosenberg
New York, July 13 – Valtris Specialty Chemicals (Polymer Additives Inc.) relaunched on Friday its $300 million seven-year covenant-light first-lien term loan (B3/B) and $105 million eight-year covenant-light second-lien term loan (Caa2/CCC+), according to a market source.
Talk on the relaunched first-lien term loan is Libor plus 450 basis points to 475 bps with a 0% Libor floor and an original issue discount of 99, and talk on the relaunched second-lien term loan is Libor plus 850 bps to 875 bps with a 0% Libor floor and a discount of 98, the source said.
By comparison, when the deal first launched with a bank meeting on June 14, the first-lien term loan was talked at Libor plus 400 bps with a 0% Libor floor and an original issue discount of 99.5, and the second-lien term loan was talked at Libor plus 800 bps with a 0% Libor floor and a discount of 99.
The first-lien term loan still has 101 soft call protection for six months, and the second-lien term loan still has call protection of 102 in year one and 101 in year two.
Updated June numbers were posted with the relaunch. The numbers showed higher EBITDA and leverage of 5.1 times, down from 5.4 times initially, the source continued.
Deutsche Bank Securities Inc. and RBC Capital Markets are the bookrunners on the $405 million in term loans.
Commitments are due at 5 p.m. ET on July 24, the source added.
Proceeds will be used to fund the potential purchase of certain assets from Ineos, subject to regulatory approvals, and to refinance existing debt.
Valtris, an H.I.G. Capital portfolio company, is an Independence, Ohio-based manufacturer of specialty chemicals producing a diverse set of polymer modifiers, lubricants and stabilizers primarily used as additives in the production of plastics.
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