Sonneborn launches $240 million term B at Libor plus 550 bps area

By Sara Rosenberg

New York, March 1 - Sonneborn LLC launched its $240 million six-year term loan B on Thursday with price talk in the Libor plus 550 basis points context with a 1.5% Libor floor and an original issue discount of 98, according to a market source.

The company's $270 million senior secured credit facility also includes a $30 million five-year revolver.

Expected facility ratings are B1/B, the source continued.

Commitments are due on March 15.

Macquarie Capital and BMO Capital Markets Corp. are the lead banks on the deal.

Proceeds will be used to fund the buyout of the company by One Equity Partners from Sun Capital Partners Inc.

Total and senior leverage is 3.8 times.

Closing is targeted for March 30.

Sonneborn is a Parsippany, N.J.-based manufacturer and supplier of high-purity specialty hydrocarbons.

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