PLZ Aeroscience loan frees to trade above original issue discount

By Sara Rosenberg

New York, Aug. 27 – PLZ Aeroscience Corp. scaled back the size of its non-fungible incremental term loan due Aug. 2, 2026 before the debt made its way into the secondary market on Thursday.

The company trimmed its non-fungible incremental term loan due Aug. 2, 2026 to $300 million from $360 million because an anticipated acquisition is no longer being completed, a market source remarked.

As before, the incremental term loan is priced at Libor plus 425 basis points with a 1% Libor floor and an original issue discount of 98.5 and has 101 soft call protection for six months.

The incremental term loan is co-terminus with the company’s existing $640.8 million term loan.

After terms finalized, the incremental term loan freed to trade, and levels were quoted at 98¾ bid, 99¼ offered, a source added.

Along with the incremental term loan, the company is getting a $25 million incremental revolver.

Antares Capital is leading the deal that will be used to repay existing debt and fund certain acquisitions.

Closing is expected on Tuesday.

PLZ, a portfolio company of Pritzker Private Capital, is a Downers Grove, Ill.-based producer of specialty aerosol and liquid packaging for various consumer and industrial products.

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