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Element Materials sets $720 million term loan B at Libor plus 350 bps
By Sara Rosenberg
New York, June 2 – Element Materials Technology Ltd. firmed pricing on its $720 million seven-year first-lien term loan B (B1/B) at Libor plus 350 basis points, the low end of the Libor plus 350 bps to 375 bps talk, according to a market source.
Also, the original issue discount on the term loan was revised to 99.75 from 99.5, and the 101 soft call protection as extended to one year from six months, the source said.
The term loan still has a 1% Libor floor.
The company is also getting a £160 million seven-year first-lien term loan B (B1/B) that saw pricing reduced to Libor plus 425 bps with a 0% floor and a par issue price from initial talk of Libor plus 450 bps with a 0% floor and a discount of 99.5.
In addition, the company’s euro seven-year first-lien term loan B (B1/B) was upsized to €213.7 million from €204.2 million, pricing was lowered to Euribor plus 325 bps from Euribor plus 350 bps, and the issue price was tightened to par from talk of 99.5 to 99.75, the source continued. This loan still has a 0% floor.
Bank of America Merrill Lynch and HSBC Securities (USA) Inc. are the mandated lead arrangers on the deal.
Along with the first-lien term loans, the company plans on getting a $100 million revolver (B1/B), a $50 million capex/acquisition facility (B1/B) and a privately placed second-lien term loan.
Proceeds will be used to help fund the acquisition of Exova Group plc and to refinance debt.
Element Materials is a United Kingdom-based materials testing and product qualification testing provider. Exova is a testing, calibration and advisory services provider.
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