Olaplex firms $675 million term loan B at SOFR plus 375 bps

By Sara Rosenberg

New York, Feb. 16 – Olaplex Holdings Inc. finalized pricing on its $675 million seven-year term loan B (B1/BB-) at SOFR plus 375 basis points, the low end of the SOFR plus 375 bps to 400 bps talk, according to a market source.

Also, the original issue discount on the term loan was changed to 99.75 from 99.5, the source said.

The term loan still has a 25 bps step-down at 0.5x inside closing date first-lien net leverage, a 0.5% floor, 101 soft call protection for six months and amortization of 1% per annum.

Goldman Sachs Bank USA, JPMorgan Chase Bank, Morgan Stanley Senior Funding Inc., Barclays, BofA Securities Inc., Jefferies LLC and Truist are the bookrunners on the deal.

Recommitments were scheduled to be due at 5 p.m. ET on Wednesday, the source added.

Allocations are expected on Thursday morning.

Proceeds will be used to refinance the company’s existing capital structure.

Advent International is the sponsor.

Olaplex is a hair care company.

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