PolyOne launches $548.6 million term loan B at Libor plus 275 bps

By Sara Rosenberg

New York, June 6 – PolyOne Corp. launched with its call on Monday a $548.6 million senior secured covenant-light term loan B due Nov. 12, 2022 with price talk of Libor plus 275 basis points with a 0.75% Libor floor and a par issue price, according to a market source.

The term loan B has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Citigroup Global Markets Inc. is the lead bank on the transaction.

Proceeds will be used to reprice the existing term loan B from Libor plus 300 bps with a 0.75% Libor floor.

Commitments are due at noon ET on Friday, the source added.

Closing is targeted for the week of June 13.

PolyOne is an Avon Lake, Ohio-based provider of specialized polymer materials, services and solutions.

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