PolyOne launches $640.7 million term loan B at Libor plus 200 bps

By Sara Rosenberg

New York, July 31 – PolyOne Corp. launched on a call on Monday a $640.7 million senior secured covenant-light term loan B due Nov. 12, 2022 that is talked at Libor plus 200 basis points with a 0% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Citigroup Global Markets Inc. is the lead arranger on the deal.

Proceeds will be used to reprice an existing term loan B down from Libor plus 225 bps with a 0.75% Libor floor.

Cashless roll commitments are due at 5 p.m. ET on Aug. 9 and new money commitments are due at 5 p.m. ET on Aug. 10, the source added.

Closing is expected during the week of Aug. 14.

PolyOne is an Avon Lake, Ohio-based provider of specialized polymer materials, services and solutions.

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