Infiltrator Water to launch $100 million first-lien loan on Tuesday

By Sara Rosenberg

New York, Feb. 6 – Infiltrator Water Technologies LLC is scheduled to hold a lender call at 11 a.m. ET on Tuesday to launch a $100 million incremental covenant-light first-lien term loan, according to a market source.

Deutsche Bank Securities Inc. is the bookrunner on the deal.

Pricing on the incremental loan is Libor plus 350 basis points with a 1% Libor floor, in line with existing term loan pricing, the source said.

The incremental term loan has 101 soft call protection for six months.

Original issue discount talk on the incremental term loan has not yet been announced, the source added.

Proceeds will be used to refinance an existing second-lien term loan.

Infiltrator Water is an Old Saybrook, Conn.-based provider of engineered plastic chambers, synthetic aggregate leach fields, tanks and accessories for the onsite wastewater and stormwater industries.

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