Marlink reveals price talk on $525 million, €250 million term loans

By Sara Rosenberg

New York, Oct. 19 – Marlink Group released price talk on its $525 million seven-year first-lien term loan B and €250 million seven-year first-lien term loan B with its lender call on Tuesday, according to a market source.

Price talk on the U.S. term loan is Libor plus 450 basis points to 475 bps with a 25 bps step-down at 0.5x inside closing date first-lien net leverage and a 25 bps step-down upon an initial public offering, a 0.5% Libor floor and an original issue discount of 99, the source said.

The euro term loan is talked at Euribor plus 450 bps to 475 bps with two 25 bps step-downs at 0.5x and 1x inside closing date first-lien net leverage and one 25 bps step-down upon an IPO, a 0% floor and a discount of 99.

Both term loans have 101 soft call protection for six months and amortization of 1% per annum.

Ticking fees on the term loans are half the margin from days 61 to 90 and the full margin thereafter.

Goldman Sachs, BNP Paribas Securities Corp., BofA Securities Inc., Barclays, KKR Capital Markets, HSBC and Banque CIC are the lead arrangers on the deal.

Commitments are due on Nov. 2, the source added.

Proceeds will be used to help fund the buyout of the company by Providence Equity Partners from Apax Partners SAS for an enterprise value of about $1.4 billion.

Marlink is a Paris and Oslo-based provider of business-critical SatCom services.

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