FloWorks wraps $270 million term loan at SOFR plus 575 bps at 99

By Paul A. Harris

Portland, Ore., Feb. 18 – FloWorks International priced its $270 million seven-year term loan B (B3/B-/B+) with a SOFR+10 basis points CSA plus 575 bps spread atop a 0.5% floor at an original issue discount of 99, according to a market source.

The deal allocated on Friday.

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.

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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