Evoqua to launch $185 million first-lien term loan on Thursday

By Sara Rosenberg

New York, March 30 – Evoqua Water Technologies (EWT Holdings III Corp.) is scheduled to hold a lender call at 2 p.m. ET on Thursday to launch a non-fungible $185 million tack-on first-lien term loan due Jan. 15, 2021, according to a market source.

Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc. and RBC Capital Markets are the lead banks on the deal.

The term loan has a 1% Libor floor, the source said.

Commitments are due on April 11.

Proceeds will be used to fund the acquisition of Neptune Benson, a manufacturer of high-quality water filtration and disinfection products for the recreational, industrial, and municipal water markets.

Closing is expected this spring, subject to customary regulatory approvals.

Evoqua is a Warrendale, Pa.-based provider of equipment and services for water treatment.

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