Minimax finalizes €514 million term loan B at par issue price

By Sara Rosenberg

New York, June 18 – Minimax firmed the issue price on its €514 million seven-year covenant-light term loan B at par, the narrow end of the revised talk of 99.75 to par and tighter than initial talk of 99.5, according to a market source.

Pricing on the euro term loan is still Euribor plus 325 basis points with a 0% floor.

The company is also getting a $600 million seven-year covenant-light term loan B priced at Libor plus 300 bps with a 0.75% Libor floor and an original issue discount of 99.75.

Both term loans include two 25 bps pricing step-downs at 4 times and 3 times leverage.

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

Previously in syndication, the U.S. term loan was upsized from $585 million and the discount was revised from 99.5, and the step-downs on the term loans were changed to include a six-month margin ratchet holiday from no holiday.

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

Proceeds will be used to refinance existing term loans, to fund a distribution to direct shareholder MV Holding to fund a share buyback, and, due to the recent 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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