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Cobham sets $1.19 billion term B at Libor plus 350 bps, revises OIDs
By Sara Rosenberg
New York, Jan. 31 – Cobham plc finalized pricing on its $1,188,000,000 seven-year first-lien term loan (B1/B/B+) at Libor plus 350 basis points, the low end of revised talk of Libor plus 350 bps to 375 bps and down from initial talk of Libor plus 425 bps, according to a market source.
In addition, the original issue discount on the U.S. term loan was changed to 99.5 from 99 and the issue price on the company’s €885 million seven-year first-lien term B (B1/B/B+) was tightened to par from 99.5, the source said.
Pricing on the euro term loan remained priced at Euribor plus 375 bps with a 0% floor.
The U.S. first-lien term loan still has a 1% Libor floor, and both loans still have 101 soft call protection for six months.
Previously in syndication, the U.S. term loan was upsized from $788 million as the company canceled plans for a $400 million tranche of other senior secured debt, and pricing on the euro term loan was reduced from Euribor plus 425 bps.
Goldman Sachs is the left lead on the U.S. debt, and Goldman and Citigroup Global Markets are the joint active bookrunners on the euro debt. Joint bookrunners are Goldman, Citigroup, Credit Suisse, Barclays, Blackstone, BNP Paribas, Deutsche Bank, NatWest and Unicredit.
Recommitments for the U.S. loan were scheduled to be due at 11 a.m. ET on Friday, and recommitments for the euro term loan were scheduled to be due at 9 a.m. ET on Friday, the source added.
Proceeds will be used to help fund the buyout of the company by Advent International Corp. for 165 pence in cash per share, or about £4 billion on a fully diluted basis.
Cobham is a Wimborne Minster, U.K.-based technology and services innovator in diversified industries, including defense and commerce.
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