Arysta LifeScience reworks tranche sizes, reduces term debt pricing

By Sara Rosenberg

New York, May 21 - Arysta LifeScience Corp. upsized its seven-year first-lien term loan (Ba3/B) to $1.15 billion from $1.1 billion and downsized its 71/2-year second-lien term loan (Caa1/CCC+) to $490 million from $555 million, according to a market source.

Also, pricing on the first-lien term loan was lowered to Libor plus 350 basis points from talk of Libor plus 375 bps to 400 bps, and pricing on the second-lien term loan was reduced to Libor plus 700 bps from the Libor plus 750 bps area, the source said.

In addition, the original issue discount on the second-lien term loan was changed to 99 from 98, the source continued.

The first-lien loan still has a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for one year, and the second-lien loan still has a 1.25% Libor floor and hard call protection of 103 in year one, 102 in year two and 101 in year three.

The now $1.79 billion credit facility, down from $1.805 billion, also provides for a $150 million five-year revolver (Ba3/B).

The source explained that the $15 million reduction in the total size was due to favorable currency movements while the transaction was in market.

Recommitments are due at 1 p.m. ET on Wednesday.

J.P. Morgan Securities LLC is the left lead on the deal.

Proceeds will be used to refinance existing debt.

Arysta LifeScience is a Tokyo-based crop protection and life science company.

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