Avient launches $832 million term loan B-7 at SOFR plus 250 bps

By Sara Rosenberg

New York, July 28 – Avient Corp. Inc. launched on Friday its $832 million first-lien senior secured covenant-lite term loan B-7 due Aug. 29, 2029 (Ba1/BB+) with price talk of SOFR plus 250 basis points with a 0.5% floor, according to a market source.

Proceeds will be used to refinance the company’s existing term loan B-5 due 2026 and term loan B-6 due Aug. 29, 2029 and to pay related fees and expenses.

Existing term loan B-5 lenders and new money are being offered the term loan B-7 with an original issue discount of 99.75, and existing term loan B-6 lenders are being offered the term loan B-7 at par, the source said.

The term loan B-7 has 101 soft call protection for six months, 0 bps CSA and amortization of 1% per annum.

Cashless settlement option/cashless roll are available to existing term loan B-5 and B-6 lenders.

Morgan Stanley Senior Funding Inc., JPMorgan Chase Bank and Citigroup Global Markets Inc. are the bookrunners on the deal.

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

Avient is an Avon Lake, Ohio-based provider of specialized and sustainable material solutions.

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