Novolex finalizes $1.28 billion term loan at discount of 99.5

By Sara Rosenberg

New York, Feb. 23 – Novolex Holdings LLC set the original issue discount on its $1.276 billion seven-year first-lien term loan (B2/B) at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

As before, the term loan is priced at Libor plus 350 basis points with a 0.5% Libor floor, and has 101 soft call protection for six months and amortization of 1% per annum.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, Citigroup Global Markets Inc., Jefferies LLC, Fifth Third, ING, Citizens and Carlyle are the arrangers on the deal.

Commitments continued to due at 5 p.m. ET on Tuesday, the source added.

Proceeds will be used to refinance an existing term loan due 2023.

Novolex is a Hartsville, S.C.-based manufacturer of packaging products for consumer-focused end markets.

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