PLZ Aeroscience talks $464.5 million term loan at Libor plus 350 bps

By Sara Rosenberg

New York, Feb. 8 – PLZ Aeroscience Corp. launched on Wednesday its $464.5 million covenant-light term loan with price talk of Libor plus 350 basis points with a step-down to Libor plus 325 bps when total net leverage is below 3.75 times, a 1% Libor floor and a par issue price, according to a market source.

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

Antares Capital is the lead on the deal.

Proceeds will be used to refinance an existing term loan.

Commitments are due on Feb. 15, the source added.

PLZ is a manufacturer of specialty aerosol products.

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