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Silae changes structure to €650 million seven-year term loan B
By Sara Rosenberg
New York, Nov. 16 – Silae (Seine Finance Sarl) revised its transaction to a new €650 million seven-year senior secured covenant-lite first-lien term loan B (B3/B+) from a fungible €400 million add-on senior secured covenant-lite first-lien term loan B due November 2027, according to a market source.
Pricing on the term loan B is Euribor plus 450 basis points with a 0% floor, in line with pricing that was announced when the deal was structured as an add-on term loan.
Upon being announced in the morning, the term loan B was talked with an original issue discount in the 98 area (+/- 0.25), as was the case when the deal was being done as an add-on term loan, but following the 11 a.m. ET commitment deadline on Thursday, the original issue discount talk on the term loan was changed to a range of 98.25 to 98.5, the source said.
Also, the term loan B has 101 soft call protection for six months, versus no call protection previously.
Furthermore, documentation was posted, with market standard margin ratchet and ratchet holiday included, amongst other changes, the source continued.
BNP Paribas and HSBC are the joint physical bookrunners on the deal. RBC is the agent.
A new recommitment deadline was set for 6 a.m. ET on Friday in connection with the change to the original issue discount talk, the source added.
Proceeds will be used to fund a shareholder dividend and, due to the change in structure, to refinance an existing €250 million term loan B.
Cashless roll is on offer for existing lenders.
Silae, owned by Silver Lake, is a France-based provider of cloud-based payroll and HR software.
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