Oxea firms pricing on U.S. and euro term loans at tight end of talk

By Sara Rosenberg

New York, Sept. 28 – Oxea GmbH finalized pricing on its $530 million seven-year covenant-light term loan B at Libor plus 350 basis points, the low end of the Libor plus 350 bps to 375 bps talk, and on its €450 million seven-year covenant-light term loan B at Euribor plus 375 bps, the low end of the Euribor plus 375 bps to 400 bps talk, according to a market source.

Also, the issue price on the euro term loan was revised to par from 99.75, the source said. The original issue discount on the U.S. term loan was unchanged at 99.75.

The term loans still have a 0% floor and 101 soft call protection for six months.

The company’s €1,035,000,000 equivalent of credit facilities (B3/B) also include a €135 million six-year revolver.

Bank of America Merrill Lynch and HSBC are the global coordinators on the deal, 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 were scheduled to be due by end of day on Thursday, the source added.

Allocations are expected on Friday.

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

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