Oberthur cuts U.S. term B to $280 million, ups euro to €260 million

By Sara Rosenberg

New York, Oct. 8 - Oberthur Technologies downsized its six-year U.S. term loan B to $280 million from $372 million and upsized its six-year euro term loan B to €260 million from €165 million, according to a market source.

Also, pricing on the U.S. term loan B was set at Libor plus 475 basis points, the tight end of the Libor plus 475 bps to 500 bps talk, the source said.

The euro term loan B is priced at Euribor plus 500 bps, firming from talk of 25 bps to 50 bps higher than the U.S. term loan B, the source continued.

As before, both term loans have a 1% floor, an original issue discount of 99 and 101 soft call protection for one year.

J.P. Morgan Securities LLC, Goldman Sachs, Lloyds, Barclays, HSBC Securities and Societe Generale are the lead banks on the deal (B1/B-/BB-).

Proceeds will be used to refinance existing debt.

Other funds for the refinancing will come from €190 million of senior notes, downsized from €200 million, the source added.

Oberthur is a France-based manufacturer of chip-based digital authentication products for the payment and telecom industries.

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