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

By Sara Rosenberg

New York, Jan. 31 – Envu (Discovery Purchaser Corp.) firmed the original issue discount on its fungible $100 million add-on covenant-lite first-lien term loan due October 2029 (B3/B-) at 98.5, the tight end of the 98 to 98.5 talk, 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, HSBC Securities (USA) Inc. and ING are the arrangers on the deal.

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.

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