Birkenstock sets talk on $892 million, €325 million term loans

By Sara Rosenberg

New York, April 14 – Birkenstock released price talk on its roughly $892 million (€750 million equivalent) U.S. seven-year term loan B (B/BB-) and €325 million seven-year term loan B (B/BB-) with its lender call on Wednesday, according to a market source.

The term loans are talked at Libor/Euribor plus 375 basis points to 400 bps with two 25 bps leverage-based step-downs and an original issue discount of 99, the source said.

The U.S. term loan has a 0.5% Libor floor, and the euro term loan has a 0% floor.

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

Amortization on the U.S. term loan is 1% per annum.

Goldman Sachs, Credit Suisse, Citigroup Global Markets Inc., HSBC, Commerzbank and Credit Agricole are the bookrunners on the deal.

Commitments are due on April 26, the source added.

Proceeds will be used with €430 million equivalent of senior unsecured debt to help fund the acquisition of a majority stake in the company by L Catterton.

Birkenstock is a Germany-based shoe company.

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