PharmaZell changes €215 million term loan B OID talk to 98.75-99

By Sara Rosenberg

New York, Nov. 4 – PharmaZell (European Medco Development 4 Sarl) revised original issue discount talk on its fungible €215 million add-on covenant-lite term loan B due May 2027 (B2/B-/B+) to a range of 98.75 to 99 from 98.5, according to a market source.

Pricing on the add-on term loan is Euribor plus 400 basis points with a 0% floor.

The add-on and existing term loans are getting 101 soft call protection for six months.

Credit Suisse and HSBC are the physical bookrunners on the deal. Investec, Jefferies and UniCredit are joint bookrunners.

Commitments are due at 8 a.m. ET on Friday and allocations are expected that afternoon, the source added.

Proceeds will be used to help fund the €765 million acquisition of Novasep and related fees and expenses.

Pro forma for the transaction, the term loan B will total €520 million.

Bridgepoint is the sponsor.

PharmaZell is a Germany-based manufacturer of niche active pharmaceutical ingredients. Novasep is a France-based provider of services in the field of molecule production and purification for the life science and chemical industries.

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