Potters increases incremental term loan amount to $135 million

By Sara Rosenberg

New York, April 3 – Potters Industries LLC upsized its fungible incremental first-lien term loan due Dec. 14, 2027 to $135 million from $110 million, according to a market source.

Pricing on the incremental term loan, as well as on the company’s $378.3 million repriced first-lien term loan due Dec. 14, 2027, remained at SOFR plus 375 basis points with a 0.75% floor, an original issue discount of 99.75 on the new money and a par issue price on the repricing.

The term loan debt has 101 soft call protection for six months.

Previously in syndication, pricing on the incremental term loan was lowered from SOFR plus 10 bps CSA plus 400 bps, the discount firmed at the tight end of the 99.5 to 99.75 talk, the repricing was added to the transaction, and the call protection was added.

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

Commitments were scheduled to be due at 11 a.m. ET on Wednesday, the source added.

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

The Jordan Co. is the sponsor.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.