26 Feb, 2021

PLZ Aeroscience $100M incremental term loan, $299M repricing allocate; terms

Investors have received allocations of PLZ Aeroscience Corp.'s $100 million incremental first-lien term loan and the repricing of its $299.3 million incremental term loan B that was placed in August 2020, according to sources. The term loan priced at L+375, with a 0.75% Libor floor and an original issue discount of 99.5 for the new money and 50-basis-point consent fee on the repriced loan. The term loan broke at 99.75/100.25. The issuer also has a covenant-lite TLB due August 2026 (L+350, 0% Libor floor) that totals $637.5 million. Proceeds from the add-on will be used for acquisition financing. PLZ Aeroscience, a portfolio company of Pritzker Capital, provides specialty aerosol and liquid manufacturing services for various consumer and institutional products. Terms:

Borrower PLZ Aeroscience Corp.
Issue $100 million add-on term loan B, $299.3 million repriced term loan
UoP M&A, Repricing
Spread L+375
Libor floor 0.75%
Price 99.5 (new money)
Tenor August 2026
YTM 4.69% (new money)
Four-year yield 4.72% (new money)
Call protection N/A
Corporate ratings B/B3
Facility ratings B/B3
Recovery ratings 3
Financial covenants None
Arrangers Antares
Admin agent Antares
Px Talk L+350/0%/99
Sponsor Pritzker Private Capital
Notes 50 bps consent fee for repriced loan

Article amended at 7:23 p.m. ET on Feb. 26 to adjust the Libor floor to 0.75% and adjust the yields.