Amer Sports cuts U.S. loan to $500 million, ups euro to €700 million

By Sara Rosenberg

New York, Feb. 9 – Amer Sports Inc. downsized its U.S. seven-year term loan B to $500 million from $600 million and upsized its euro seven-year term loan B to €700 million from €600 million, according to a market source.

Pricing on the U.S. term loan is SOFR plus 325 basis points with a 0% floor and an original issue discount of 99.5, and pricing on the euro term loan is Euribor plus 350 bps with a 25 bps step-down at corporate ratings of Ba3/BB-, a 0% floor and a par issue price.

The term loans have 101 soft call protection for six months.

Previously in syndication, pricing on the U.S. term loan firmed at the low end of the SOFR plus 325 bps to 350 bps talk and the discount was changed from 99. Also, pricing on the euro term loan was set at the low end of the Euribor plus 350 bps to 375 bps talk, the step-down was added and the issue price was tightened from 99.5.

JPMorgan Chase Bank and Goldman Sachs are joint bookrunners on the deal. JPMorgan is the agent.

Proceeds will be used with $800 million of senior secured notes, upsized from $600 million, to refinance existing debt, for general corporate purposes and to pay related fees and expenses.

Amer Sports is a sports and outdoor apparel, footwear, equipment, protective gear and accessories company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.