Solmax lifts incremental term loan to $125 million, firms at 99.5 OID

By Sara Rosenberg

New York, Nov. 23 – Solmax upsized its fungible incremental first-lien term loan due July 23, 2028 to $125 million from $100 million and set the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

Pricing on the incremental term loan is Libor plus 475 basis points with a 0.75% Libor floor, in line with existing term loan pricing.

Barclays and TD Securities (USA) LLC are the bookrunners on the deal.

Recommitments were scheduled to be due at noon ET on Tuesday, the source added.

Proceeds will be used to fund the acquisition of Propex and the funds from the upsizing will repay revolving credit facility borrowings.

Solmax is a Quebec-based producer of geosynthetics products for industrial and environmental applications.

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