Cupa Group readies launch of €480 million term loan B for Monday

By Sara Rosenberg

New York, April 7 – Cupa Group (Brookfield Slate Holdings III Ltd.) is scheduled to hold a lender call at 9 a.m. ET on Monday to launch a €480 million seven-year covenant-lite sustainability-linked senior secured term loan B, according to a market source.

Barclays, Morgan Stanley and Societe Generale are the joint physical bookrunners on the deal. Credit Agricole, Mizuho and Santander are joint bookrunners.

The term loan has 101 soft call protection for six months and a plus or minus 7.5 basis points annual ESG-linked margin ratchet tested by reference to compliance with agreed reductions in certain ESG KPI targets, the source said.

Expected term loan ratings are B2/B.

Commitments are due at 7 a.m. ET on April 20, the source added.

Proceeds will be used to help fund the buyout of the company by Brookfield from Carlyle, to refinance existing debt and to pay related fees and expenses.

Cupa is a Spain-based provider of sustainable slate roofing products.

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