Fluidra to launch $525 million, €425 million term loans next week

By Sara Rosenberg

New York, Feb. 15 – Fluidra is set to hold a bank meeting in London on Monday and a bank meeting at 10:30 a.m. ET in New York on Feb. 22 to launch a $525 million seven-year first-lien term loan (Ba3/BB) and a €425 million seven-year first-lien term loan (Ba3/BB), according to a market source.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Bank of America Merrill Lynch and BBVA are the leads on the deal, with Credit Suisse the left lead on the U.S. loan and Citigroup the left lead on the euro loan.

The term loans include 101 soft call protection for six months, the source said.

Commitments are due on March 6.

Proceeds will be used to fund the merger of Fluidra with Zodiac Pool Solutions.

Closing is expected in the first half of this year, subject to the approval of Fluidra’s shareholders and other customary conditions.

Fluidra is a Sabadell, Spain-based developer of products and applications for the commercial and residential pool markets. Zodiac, a Rhône Capital portfolio company, is a Vista, Calif.-based manufacturer of residential pool equipment and connected pool solutions.

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