Fluidra to launch €1.1 billion of U.S. and euro term loans Wednesday

By Sara Rosenberg

New York, Jan. 10 – Fluidra (Zodiac Pool Solutions LLC) is set to hold a lender call at 10 a.m. ET on Wednesday, with small group meeting available on Thursday and Friday, to launch a €650 million equivalent U.S. seven-year covenant-lite term loan B and a €450 million euro seven-year covenant-lite term loan B, according to a market source.

BBVA, Citigroup Global Markets Inc. and HSBC are the joint global coordinators and bookrunners on the deal, with BBVA the sole sustainability coordinator, Citi the sole left lead on the U.S. term loan and HSBC the sole left lead on the euro term loan. BofA Securities Inc., BNP Paribas Securities Corp., JPMorgan Chase Bank and Santander are joint bookrunners.

The U.S. term loan has a 0.5% floor, and the euro term loan has a 0% floor, the source said.

Both term loans have 101 soft call protection for six months and amortization of 1% per annum.

Expected corporate ratings are Ba2/BB+.

Commitments are due at 10 a.m. ET on Jan. 21, the source added.

Proceeds will be used to refinance existing debt, for general corporate purposes and to pay related transaction fees and expenses.

Fluidra is a Sabadell, Spain-based provider of pool equipment and wellness solutions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.