Minimax lifts U.S. term loan to $600 million, revises OID to 99.75

By Sara Rosenberg

New York, June 15 – Minimax upsized its U.S. seven-year covenant-light term loan B to $600 million from $585 million and tightened the original issue discount to 99.75 from 99.5, according to a market source.

Pricing on the U.S. term loan remained at Libor plus 300 basis points with a 0.75% Libor floor.

In addition, the company revised original issue discount talk on its €514 million seven-year covenant-light term loan B to a range of 99.75 to par from 99.5, the source said.

As before, pricing on the euro term loan is Euribor plus 325 bps with a 0% floor.

Both term loans continue to include two 25 bps pricing step-downs at 4 times and 3 times leverage, but now there is a six-month margin ratchet holiday instead of no holiday, the source continued.

The company’s credit facilities also include a €40 million six-year revolver and a €150 million six-year guarantee line.

Deutsche Bank is the physical bookrunner on the deal, and Commerzbank and Unicredit are bookrunners.

Recommitments were scheduled to be due at noon ET for U.S. orders and at 11 a.m. ET for euro orders, the source added.

Proceeds will be used to refinance existing term loans, with cashless roll available, to fund a distribution to direct shareholder MV Holding to fund a share buyback, and, due to the upsizing, to put additional cash on the balance sheet.

Minimax is a fire protection company with headquarters in Bad Oldesloe in Schleswig-Holstein, Germany.

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