Envu launches $100 million add-on term loan at 98-98.5 OID

By Sara Rosenberg

New York, Jan. 24 – Envu (Discovery Purchaser Corp.) launched on Wednesday morning a fungible $100 million add-on covenant-lite first-lien term loan due August 2029 (B3/B-) that is talked with an original issue discount of 98 to 98.5, according to a market source.

Pricing on the add-on term loan is SOFR plus 437.5 basis points with a 0.5% floor.

BMO Capital Markets is the left lead arranger on the deal.

Commitments are due at 5 p.m. ET on Tuesday, the source added.

Proceeds will be used to repay revolving credit facility borrowings and for general corporate purposes.

Cinven is the sponsor.

Envu, previously known as Bayer Environmental, is a Cary, N.C.-based provider of environmental products and solutions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.