Saverglass launches $500 million term B at Euribor plus 450-475 bps

By Sara Rosenberg

New York, Feb. 24 – Saverglass SAS held a lender call on Monday to launch a €500 million seven-year covenant-lite first-lien term loan B (B) that is talked at Euribor plus 450 basis points to 475 bps with a 0% floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months and ESG ratchets subject to certain key performance indicators, the source said.

Barclays, Credit Agricole and Societe Generale are the joint physical bookrunners on the deal. CIC, Mediobanca and RBC are joint bookrunners. Credit Agricole is the agent.

Commitments are due at 7 a.m. ET on Feb. 4, the source added.

Proceeds will be used to refinance existing debt, repay some convertible bonds and pay a dividend to shareholders.

Saverglass, a Carlyle portfolio company, is a manufacturer of glass bottles for premium wines and spirits.

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