Evoqua tightens issue price on $80 million tack-on term loan to par

By Sara Rosenberg

New York, Aug. 2 – Evoqua Water Technologies (EWT Holdings III Corp.) revised the issue price on its $80 million tack-on first-lien term loan (B2/B) due Jan. 15, 2021 to par from 99.75, according to a market source.

Pricing on the tack-on loan as well as on the repricing of the company’s $183 million incremental first-lien term loan (B2/B) due Jan. 15, 2021 remained at Libor plus 375 basis points with a 1% Libor floor.

The repricing is still offered at par.

The term loan has 101 soft call protection for six months that includes an IPO carve-out.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Recommitments were scheduled to be due at noon ET on Wednesday, the source added.

Proceeds from the tack-on loan will be used to repay revolving credit facility borrowings and for general corporate purposes, and the repricing will take the incremental term loan down from Libor plus 450 bps with a 1% Libor floor.

The tack-on loan and the repriced loan will be fungible with the company’s existing $636 million term loan that is priced at Libor plus 375 bps with a 1% Libor floor.

Evoqua is a Warrendale, Pa.-based provider of equipment and services for water treatment.

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