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Solmax preps launch of $100M add-on term loan for acquisition

Lead arrangers Barclays and TD Securities have scheduled a lender call for 11 a.m. ET on Nov. 17 to launch a $100 million incremental first-lien term loan for Solmax International Inc., according to sources.

Price talk for the add-on term loan is not yet available, but it will be fungible with the issuer's existing covenant-lite first-lien term loan due July 2028 that is priced at L+475, with a 0.75% Libor floor.

Proceeds from the add-on will be used to fund the company's acquisition of Propex. The borrowers are Groupe Solmax Inc. and Solmax U.S. LP.

The issuer placed its existing first-lien term loan in June 2021 to finance the company's acquisition of TenCate Geosynthetics and to refinance debt. The term loan totaled $535 million when it was issued, and financing also included a $100 million revolving credit facility due 2025.

Solmax provides geosynthetics products for environmental containment, infrastructure and civil engineering across multiple end markets. Current corporate ratings are B/B2, with a stable outlook from both S&P Global Ratings and Moody's.