FloWorks International completes $270M term loan for M&A, refinancing; terms

Investors today received allocations of the $270 million term loan B for FloWorks International LLC that priced at talk through an RBC Capital Markets-led arranger group, according to sources. Pricing for the seven-year TLB was finalized at a spread of 575 basis points over the secured overnight financing rate, plus a credit spread adjustment of 10 bps, with a 0.5% floor and an original issue discount of 99. Proceeds will be used to refinance debt and to fund the acquisition of SemiTorr Group Inc. from Transom Capital Group. In addition to the term loan, the borrower will have a $60 million asset-based revolver. FloWorks is a specialty flow control distribution platform that has been backed by Clearlake Capital Group since 2017.

Terms: