Safetykleen launches €556 million term B at Euribor plus 400-425 bps

By Sara Rosenberg

New York, Jan. 24 – Safetykleen (Shilton Bidco Ltd.) launched on Wednesday a €556 million covenant-lite term loan B due January 2027 that is talked at Euribor plus 400 basis points to 425 bps with a 0% floor and a par issue price, according to a market source.

The term loan has 25 bps pricing step-downs at 4.75x and 4.25x leverage and has 101 soft call protection for six months, the source said.

HSBC and Jefferies are the joint physical bookrunners on the deal. ING, JPMorgan, Mizuho, SMBC and UniCredit are the joint bookrunners. Wilmington is the agent.

Proceeds will be used to reprice an existing term loan due January 2027 down from Euribor plus 500 bps with 25 bps pricing step-downs at 4.75x and 4.25x leverage and a 0% floor.

Consents/new money commitments are due at 9 a.m. ET on Tuesday, the source added.

Apax is the sponsor.

Safetykleen is a provider of full-service industrial parts cleaning.

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