Fluidra floats talk on $525 million term loan ahead of bank meeting

By Sara Rosenberg

New York, Feb. 21 – Fluidra came out with price talk on its $525 million seven-year first-lien term loan (Ba3/BB) in advance of its New York bank meeting that will take place at 10:30 a.m. ET on Thursday, according to a market source.

The term loan is talked at Libor plus 275 basis points with a 0% Libor floor and an original issue discount of 99.5, the source said.

The company is also getting a €425 million seven-year first-lien term loan (Ba3/BB) that is talked at Euribor plus 300 bps with a 0% floor and a discount of 99.5.

Both term loans include 101 soft call protection for six months.

A bank meeting for European investors already took place in London on Monday.

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.

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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