Plaskolite revises discount on $70 million add-on term loan to 99.75

By Sara Rosenberg

New York, July 14 – Plaskolite LLC tightened the original issue discount on its fungible $70 million add-on first-lien term loan (B) to 99.75 from talk of 99 to 99.5, according to a market source.

Based on an existing leverage-based grid, pricing on the pro forma $381.6 million first-lien term loan will be Libor plus 475 basis points with a 1% Libor floor.

Recommitments were scheduled to be due by 5 p.m. ET on Thursday.

Allocations are targeted for Friday or Monday, with closing expected on Tuesday, the source added.

Antares Capital and KeyBanc Capital Markets LLC are the joint lead arrangers on the deal.

Proceeds will be used to fund a distribution to shareholders and pay transaction-related fees and expenses.

Other funds for the transaction will come from a privately placed $15 million add-on to the company’s existing $105 million second-lien term loan.

Plaskolite is a Columbus, Ohio-based manufacturer of acrylics and other plastic products supplying a diverse range of end markets. The company was acquired by Charlesbank Capital Partners and management in November 2015.

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