Ferro modifies issue price on term loans B-2 and B-3 to par

By Sara Rosenberg

New York, April 19 – Ferro Corp. tightened the issue price on its $235 million covenant-light term loan B-2 due February 2024 and $230 million covenant-light term loan B-3 due February 2024 to par from 99.75, according to a market source.

Pricing on the term loans, as well as on a $355 million covenant-light term loan B-1 due February 2024, remained at Libor plus 225 basis points with a 0% Libor floor.

The term loan B-1 still has a par issue price, and all of the term loans still have 101 soft call protection for six months.

Deutsche Bank Securities Inc. and PNC Bank are the bookrunners on the $820 million in term loans (Ba3/BB-).

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

Allocations are expected on Friday.

Proceeds will be used to reprice an existing term loan B-1 down from Libor plus 250 bps with a 0.75% Libor floor, refinance the existing euro term loan and add cash to the balance sheet.

Ferro is a Mayfield Heights, Ohio-based functional coatings and color solutions provider that offers a portfolio of technology-based performance materials.

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