ParexGroup launches €865 million term loan B at Euribor plus 375 bps

By Sara Rosenberg

New York, Feb. 27 – ParexGroup SA launched on Monday its €865 million seven-year covenant-light term loan B with price talk of Euribor plus 375 basis points with a 0% floor and an original issue discount of 99.75 to par, according to a market source.

The term loan includes 101 soft call protection for six months.

BNP Paribas Securities Corp. and Deutsche Bank Securities Inc. are the physical bookrunners on the deal, Credit Suisse and Societe Generale are bookrunners, and BNP is the agent.

Proceeds will be used to refinance existing debt and to pay a dividend to shareholders.

Commitments are due on March 8.

ParexGroup is a Paris-based provider of specialty dry-mix solutions used in the new construction and renovation of buildings and infrastructure.

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