Solmax International Inc. has completed a $125 million fungible add-on to its covenant-lite term loan B due July 2028 (L+475, 0.75% Libor floor) at an original issue discount of 99.5 via lead arrangers Barclays and TD Securities, according to sources. The add-on was upsized by $25 million and priced at the tight end of talk. Proceeds will be used to fund the company's acquisition of Propex and to repay revolver borrowings. Solmax provides geosynthetics products for environmental containment, infrastructure and civil engineering across multiple end markets.
|Borrower||Solmax International Inc. (Groupe Solmax Inc.; Solmax US LP)|
|Issue||$125 million fungible add-on term loan B|
|Call protection||Same as existing|
|Notes||Upsized by $25 million. Tranche size now approximately $660 million.|