Vantage talks $85 million first-lien term loan at Libor plus 450 bps

By Sara Rosenberg

New York, July 21 – Vantage Specialty Chemicals launched its fungible $85 million add-on first-lien term loan (B2/B-) due February 2021 on Thursday with price talk of Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The loan has 101 soft call protection for six months, the source said.

The company is also getting a $40 million second-lien term loan (Caa1/CCC) due February 2022.

RBC Capital Markets LLC is the lead on the deal.

Proceeds will be used to fund the acquisition of Mallet and Co. Inc. from ICV Partners.

In connection with the acquisition, Vantage is amending and extending the maturity of its existing $60 million revolver to August 2019 and $301.5 million first-lien term loan to February 2021.

Pricing on the existing first-lien term loan is being brought up from Libor plus 375 bps with a 1.25% Libor floor to match the add-on pricing, the source added.

Commitments are due on July 28.

Vantage, a portfolio company of Jordan Co., is a Chicago-based provider of naturally derived specialty chemicals for personal care, industrial, consumer products and food industries. Mallet is a Carnegie, Pa.-based provider of baking release agents.

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