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Alstom Auxiliary lifts pricing on 310 million first-lien term loan
By Sara Rosenberg
New York, June 11 Alstom Auxiliary Components revised pricing on its 310 million equivalent dollar and euro seven-year covenant-light first-lien term loan B (B2/B) to Libor/Euribor plus 450 basis points from talk of Libor/Euribor plus 375 bps to 400 bps, according to a market source.
The first-lien term debt still has a 1% floor, an original issue discount of 99 and 101 soft call protection for six months.
In addition, the excess cash flow sweep was changed to 75% from 50% with first-lien senior secured leveraged-based step-downs subject to carve outs, the source said.
The companys 630 million senior secured credit facility also provides for a 40 million five-year multicurrency revolver (B2/B), a 160 million five-year multicurrency letter-of-credit facility (B2/B) and a 120 million dollar-equivalent eight-year covenant-light second-lien term loan (Caa2/CCC+).
Talk on the second-lien term loan is Libor plus 725 bps with a 1% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two.
The revolver and letter-of-credit facility have a springing first-lien net leverage covenant.
Recommitments are due at noon ET on Friday, the source added.
Citigroup Global Markets Inc., Barclays, ING Financial Markets LLC, RBC Capital Markets and Societe Generale are the joint lead arrangers on the deal.
Proceeds will be used to help fund the buyout of the company by Triton from Alstom for around 730 million.
The transaction is expected to close before the end of the first half of fiscal year 2014/2015.
Alstom Auxiliary Components is a Mannheim, Germany-based company active in air preheaters and gas-gas heaters for thermal power plants, heat transfer solutions for a variety of petrochemical and industrial processes, and grinding mills for diversified industrial applications.
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