Oxea releases talk on €1.04 billion equivalent credit facilities

By Sara Rosenberg

New York, Sept. 19 – Oxea GmbH saw price talk emerge on its €1,035,000,000 equivalent of credit facilities (B3/B), according to a market source.

The €135 million six-year revolver is talked at Euribor plus 300 basis points with a 0% floor, the €450 million seven-year U.S. dollar equivalent covenant-light term loan B is talked at Libor plus 350 basis points to 375 bps with a 0% Libor floor and an original issue discount of 99.75, and the €450 million seven-year covenant-light term loan B is talked at Euribor plus 375 bps to 400 bps with a 0% floor and a discount of 99.75, the source said.

Both term loans include 101 soft call protection for six months.

Bank of America Merrill Lynch and HSBC are the global coordinators on the deal that launched with a London bank meeting on Monday, with Bank of America the left lead on the U.S. loan and HSBC the left lead on the euro loan. J.P. Morgan Securities LLC and Unicredit are joint bookrunners. LBBW is a lead arranger.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Commitments are due on Sept. 28.

Oxea is a Monheim, Germany-based manufacturer of oxo intermediates and oxo derivatives.

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