Cupa Group updates price talk on €480 million term loan B

By Sara Rosenberg

New York, April 19 – Cupa Group (Brookfield Slate Holdings III Ltd.) updated price talk on its €480 million seven-year covenant-lite sustainability-linked senior secured term loan B (B2/B) to Euribor plus 450 basis points with a 0% floor and an original issue discount of 98.5, according to a market source.

Also, some changes were made to documentation, the source said.

As before, the term loan has 101 soft call protection for six months and a plus or minus 7.5 bps annual ESG-linked margin ratchet tested by reference to compliance with agreed reductions in certain ESG key performance indicator targets.

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

Commitments continue to be due at 7 a.m. ET on Wednesday, 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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