Zodiac flexes $519 million first-lien term loan to Libor plus 400 bps

By Sara Rosenberg

New York, May 24 – Zodiac Pool Solutions LLC revised pricing on its $519 million covenant-light first-lien term loan (B3/B) due Dec. 20, 2023 to Libor plus 400 basis points from talk of Libor plus 350 bps to 375 bps, according to a market source.

The term loan still has a 1% Libor floor, a par issue price and 101 soft call protection for six months.

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

Proceeds will be used to reprice an existing first-lien term loan from Libor plus 450 bps with a 1% Libor floor.

Recommitments are due at noon ET on Thursday, the source added.

Zodiac Pool is a Paris-based manufacturer of residential pool equipment and automation solutions.

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