Oxea reveals pricing guidance on dollar-, euro-denominated term loans

By Sara Rosenberg

New York, May 17 - Oxea came out with price talk on its dollar and euro first- and second-lien term loans, according to a market source.

The $721 million 61/2-year first-lien term loan (Ba3) is talked at Libor plus 350 basis points with a 1.25% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, the source said.

The €200 million 61/2-year first-lien term loan (Ba3) is talked at Euribor plus 375 bps with a 1.25% floor, a discount of 99½ and 101 soft call protection for six months, the source said.

And, the $328 million seven-year second-lien term loan (B3) is talked at Libor plus 750 bps with a 1.25% Libor floor, a discount of 99 and hard call protection of 102 in year one and 101 in year two, the source added.

The company's credit facility also includes an up to €120 million revolver (Ba3).

The debt was launched with a meeting in London on Friday, and there will also be a bank meeting at 10 a.m. ET in New York on Tuesday for the transaction.

Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc. and Nomura are the lead banks on the covenant-light deal, with Deutsche the left lead on the first-lien debt and JPMorgan the left lead on the second-lien loan.

Proceeds will be used to refinance existing debt and pay a dividend to Advent International.

Oxea is a Luxembourg-based chemical company.

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