Potters flexes $110 million incremental term loan, adds repricing

By Sara Rosenberg

New York, April 1 – Potters Industries LLC reduced pricing on its fungible $110 million incremental first-lien term loan due Dec. 14, 2027 to SOFR plus 375 basis points from SOFR plus 10 bps CSA plus 400 bps, and is now looking to reprice its existing $379,275,000 first-lien term loan due Dec. 14, 2027 to SOFR plus 375 bps from SOFR plus 10 bps CSA plus 400 bps, according to a market source.

Also, the original issue discount talk on the incremental term loan was revised to 99.75 from prior talk in the range of 99.5 to 99.75, the source said.

The repricing is talked with a par issue price.

Furthermore, the term loan debt is now getting 101 soft call protection for six months, versus having no call protection previously, the source continued.

The term loan debt still has a 0.75% floor.

UBS Investment Bank is the left lead arranger on the deal.

Commitments/consents are due at 3 p.m. ET on Tuesday, the source added. The original commitment deadline had been scheduled for 5 p.m. ET on Monday.

Proceeds from the incremental term loan be used to fund a dividend, to finance merger and acquisition activity and for general corporate purposes.

The Jordan Co. is the sponsor.

Potters is a supplier of glass microspheres for transportation safety and performance materials.

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