Fluidra reworks U.S. and euro term loan sizes, adds Australian tranche

By Sara Rosenberg

New York, March 8 – Fluidra downsized its U.S. seven-year first-lien term loan (Ba3/BB) to $500 million from $525 million and its euro seven-year first-lien term loan (Ba3/BB) to €400 million from €425 million, and added an A$75 million seven-year first-lien term loan to its capital structure, according to a market source.

Also, the issue price on the euro term loan firmed at par, the tight end of revised talk of 99.75 to par, and tight of initial talk of 99.5, the source said.

Pricing on the euro term loan is Euribor plus 275 basis points with a 0% floor.

The U.S. term loan is priced at Libor plus 225 bps with a 0% Libor floor and an original issue discount of 99.75.

Pricing on the Australian term loan is BBSY plus 375 bps with a 0% floor and a par issue price, the source continued.

Earlier in syndication, the spread on the U.S. loan was cut from Libor plus 275 bps, the discount on the U.S. loan was changed from 99.5, and pricing on the euro term loan was lowered from Euribor plus 300 bps.

The term loans have 101 soft call protection for six months.

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.

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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