11 Mar, 2021

Jadex places $20M add-on term loan for M&A; terms

Jadex Inc. has completed a $20 million fungible add-on to its covenant-lite term loan B due 2028 (L+475, 0.75% Libor floor) at a issue price of 98.5 in a Credit Suisse-led transaction, according to sources. Proceeds will be used for a tuck-in acquisition. Jadex placed the existing $450 million TLB in February to back a dividend recapitalization. One Rock Capital-backed Jadex, formerly known as Process Solutions, manufactures custom-designed plastic, nylon, monofilament and zinc products in the healthcare, consumer and industrial end markets. Terms:

Borrower Jadex Inc.
Issue $20 million fungible add-on term loan B
UoP M&A
Spread L+475
Libor floor 0.75%
Price 98.5
Tenor 7-year
YTM 5.90%
Four-year yield 6.07%
Call protection 101 soft call
Corporate ratings B-/B2
Facility ratings B-/B2
Recovery ratings 3
Financial covenants None
Arrangers CS
Admin agent CS
Px Talk N/A
Sponsor One Rock Capital
Notes Tranche size now $470 million.