MBCC Group sets €1.11 billion term loan B issue price at par

By Sara Rosenberg

New York, March 19 – MBCC Group finalized the issue price on its €1.11 billion covenant-lite term loan B (B2/B/BB-) due September 2027 at par, the tight end of revised talk of 99.75 to par and tighter than initial talk of 99.75, according to a market source.

Pricing on the euro term loan is Euribor plus 350 basis points with a 0% floor.

The company is also getting a $570 million covenant-lite term loan B (B2/B/BB-) due September 2027 priced at Libor plus 350 bps with a 0.75% Libor floor and an original issue discount of 99.5.

Both term loans have 101 soft call protection for six months.

Earlier in syndication, pricing on the euro term loan firmed at the low end of the Euribor plus 350 bps to 375 bps talk, and pricing on the U.S. term loan was lowered from talk in the range of Libor plus 375 bps to 400 bps and the discount was changed from 99.

Deutsche Bank Securities Inc. is the active bookrunner on the U.S. term loan, and Barclays and Deutsche Bank are the active bookrunners on the euro term loan. Passive bookrunners include Goldman Sachs, Intesa, JPMorgan Chase Bank, UBS Investment Bank, Unicredit and SMBC. US Bank is the administrative agent.

Proceeds will be used to refinance a privately placed U.S. term loan and reprice an existing euro term loan down from Euribor plus 450 bps with a 0% floor.

MBCC Group, previously known as Skyscraper, is a Mannheim, Germany-based producer of performance solutions for the construction market.

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