Royal Adhesive seeks term loan repricing at Libor plus 325 bps

By Sara Rosenberg

New York, Feb. 2 – Royal Adhesive Inc. was scheduled to hold a lender call at 1 p.m. ET on Thursday to launch a repricing of its $552 million covenant-light first-lien term loan due June 2022 that is talked at Libor plus 325 basis points with a 1% Libor floor and a par issue price, according to a market source.

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

Credit Suisse Securities (USA) LLC is the left lead bank on the deal.

The repricing will take the existing term loan down from Libor plus 350 bps with a 1% Libor floor.

Commitments are due at 5 p.m. ET on Wednesday, the source added.

Royal Adhesive is a South Bend, Ind.-based producer of specialty adhesives and sealants.

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