Avient launches $500 million term loan at SOFR plus 325 bps

By Sara Rosenberg

New York, July 26 – Avient Corp. held a lender call at 1:30 p.m. ET on Tuesday to launch a $500 million seven-year senior secured covenant-lite first-lien term loan B that is talked at SOFR plus 325 basis points with a 0.5% floor and an original issue discount in the 96 area, according to a market source.

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

Expected term loan ratings are Ba1/BB+.

Morgan Stanley Senior Funding Inc. and JPMorgan Chase Bank are the bookrunners on the deal. BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Goldman Sachs Bank USA, PNC and US Bank are co-managers. Citigroup is the administrative agent.

Commitments are due at 10:30 a.m. ET on Wednesday, the source added. The deadline was accelerated from 5 p.m. ET on Thursday shortly after launch.

Proceeds will be used with $725 million of senior notes and balance sheet cash to fund the acquisition of Royal DSM’s Protective Materials business (Dyneema) for $1.485 billion and pay for transaction-related fees and expenses.

Closing is expected this year, subject to customary conditions.

Avient is an Avon Lake, Ohio-based provider of specialized and sustainable material solutions.

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