FloWorks launches $270 million term loan at SOFR plus 575 bps

By Sara Rosenberg

New York, Feb. 1 – FloWorks International launched on Tuesday its $270 million seven-year term loan B with price talk of SOFR+10 basis points CSA plus 575 bps with a 0.5% floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company’s $330 million of credit facilities also include a $60 million ABL revolver.

RBC Capital Markets LLC, UBS Investment Bank, Jefferies LLC, Wells Fargo Securities LLC, BNP Paribas Securities Corp. and Audax are the arrangers on the deal.

Commitments are due at noon ET on Feb. 15, the source added.

Proceeds will be used to support the acquisition of SemiTorr Group that was completed on Dec. 27 and to refinance existing debt.

FloWorks is a specialty flow control distribution platform backed by Clearlake Capital Group LP. SemiTorr is a Tualatin, Ore.-based specialty fluid handling systems and components distributor.

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