Hayward Industries finalizes $1 billion term loan B at 99.5 OID

By Sara Rosenberg

New York, May 14 – Hayward Industries Inc. firmed the original issue discount on its $1 billion seven-year term loan B (B2/BB-) at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

Pricing on the term loan remained at Libor plus 275 basis points with a 0.5% Libor floor.

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

BofA Securities Inc. and Nomura are the leads on the deal.

Proceeds will be used to repay existing first-lien term loans and ABL revolver borrowings.

Hayward is a Berkeley Heights, N.J.-based manufacturer of residential and commercial pool and spa equipment as well as industrial flow control products.

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