Flint Group reveals first- and second-lien term loan talk with launch

By Sara Rosenberg

New York, April 23 - Flint Group released price talk on its first-and second-lien term loans as the debt launched with a bank meeting in New York on Wednesday and one in London this past Tuesday, according to a market source.

The $860 million seven-year covenant-light first-lien term loan (B1/B+) and €625 million seven-year covenant-light first-lien term loan (B1/B+) are talked at Libor/Euribor plus 350 basis points with a 1% floor and an original issue discount of 991/2, the source said.

And, the $205 million eight-year covenant-light second-lien term loan (Caa1/B-) and €150 million eight-year covenant-light second-lien term loan (Caa1/B-) are talked at Libor/Euribor plus 700 bps with a 1% floor and a discount of 991/4, the source continued.

Included in the first-lien term debt is 101 soft call protection for six months, and the second-lien debt has hard call protection of 102 in year one and 101 in year two.

The company's credit facility also provides for a €150 million five-year revolver (B1/B+) that has a 50 bps commitment fee.

Commitments are due on May 1, the source added.

Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., Barclays and Goldman Sachs Bank USA are the lead banks on the deal, with Deutsche the left lead on the first-lien term loan and Morgan Stanley the left lead on the second-lien loan.

Proceeds will be used to help fund the acquisition of the company by Goldman Sachs Merchant Banking Division and Koch Equity Development LLC from CVC Capital Partners.

Flint is a Luxembourg-based supplier of inks and other print consumables.

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