Royal Adhesive adds $55 million incremental term loan request

By Sara Rosenberg

New York, Feb. 10 – Royal Adhesive Inc. is now seeking a $55 million covenant-light incremental first-lien term loan due June 2022 in addition to the previously announced repricing of its $552 million covenant-light first-lien term loan due June 2022, according to a market source.

Pricing on all of the term loan debt is Libor plus 325 basis points with a 1% Libor floor and a par issue price.

The term loan debt has 101 soft call protection for six months.

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

Proceeds from the incremental loan will be used to refinance a second-lien term loan, the source added.

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

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

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