Norgine changes margin ratchet holiday on €405 million term loan

By Sara Rosenberg

New York, April 17 – Norgine (Spinnaker Debtco Ltd.) revised the margin ratchet holiday on its €405 million seven-year covenant-lite first-lien term loan B to one year from one full financial quarter and extended the 101 soft call protection to one year from six months, according to a market source.

Pricing on the euro term loan B remained at Euribor plus 500 basis points with a 0% floor and an original issue discount of 98.

The company is also getting a €210 million equivalent sterling pre-placed seven-year covenant-lite term loan B, priced at Sonia plus 600 bps with a 0% floor and a discount of 98, and a €60 million equivalent Australian dollar pre-placed seven-year covenant-lite term loan B priced at BBSY plus 625 bps with a 0% floor and a discount of 98.

Goldman Sachs, Jefferies LLC, JPMorgan Chase Bank and Mizuho are the joint physical bookrunners on the deal. BofA Securities Inc., Credit Agricole, ING, Lloyds, MUFG, Rabobank, RBC Capital Markets and Standard Chartered are joint bookrunners. ING is the agent.

Recommitments were scheduled to be due at noon ET on Wednesday, with allocations expected thereafter, the source added.

Proceeds will be used to refinance existing debt and pay associated fees and expenses.

Goldman Sachs Asset Management is the sponsor.

Norgine is an Amsterdam-based specialty pharmaceutical company specializing in gastroenterology, hepatology, critical care and other therapeutic areas.

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