Fluidra finalizes U.S. term loan spread at SOFR plus 200 bps

By Sara Rosenberg

New York, Jan. 20 – Fluidra (Zodiac Pool Solutions LLC) firmed pricing on its €650 million equivalent U.S. seven-year covenant-lite term loan B (Ba2) at SOFR+CSA plus 200 basis points, the low end of the SOFR+CSA plus 200 bps to 225 bps talk, according to a market source.

Also, the original issue discount on the U.S. term loan was changed to 99.75 from 99.5 and the discount talk on the company’s €450 million euro seven-year covenant-lite term loan B (Ba2) was revised to a range of 99.75 to par from 99.5, the source said.

Pricing on the euro term loan remained at Euribor plus 225 bps with a 0% floor.

The U.S. term loan still has a 0.5% floor and CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

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

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.

Recommitments are due at 10 a.m. ET on Friday, 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.

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