Flynn Canada to launch $300 million term loan on Wednesday

By Sara Rosenberg

New York, June 29 – Flynn Canada Ltd. is scheduled to hold a lender call at 11 a.m. ET on Wednesday to launch a $300 million seven-year first-lien term loan (B1), according to a market source.

JPMorgan Chase Bank is the lead on the deal.

Price talk on the term loan is Libor plus 350 basis points with a 0.5% Libor floor and an original issue discount of 99 to 99.5, the source said.

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

Commitments are due at 5 p.m. ET on July 14, the source added.

Proceeds will be used to help refinance existing debt, pay a shareholder distribution and share buyback, and fund an acquisition.

Flynn is a Toronto-based commercial roofing, glazing and cladding contractor.

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