Forefront Dermatology tweaks loan commitment deadline; Novolex comes to market

By Sara Rosenberg

New York, March 21 – In the primary market on Monday, Forefront Dermatology (Dermatology Intermediate Holdings III Inc.) accelerated the commitment deadline for its $635 million seven-year first-lien term loan, of which $100 million is a delayed-draw tranche, to noon ET on Wednesday from 5 p.m. ET on Thursday, a market source remarked.

Talk on the term loan is SOFR plus 450 basis points with a 0.5% floor, an original issue discount of 98 to 98.5 and 101 soft call protection for six months.

Ticking fees on the delayed-draw term loan are half the margin from days 46 to 90 and the full margin thereafter, the source said.

The company’s $730 million of credit facilities (B2/B) also include a $95 million revolver.

Additionally, Novolex Holdings LLC (Clydesdale Acquisition Holdings Inc.) approached lenders with a new first-lien term loan.

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