Oxea cuts U.S. term B to $500 million, ups euro term B to €475 million

By Sara Rosenberg

New York, Sept. 29 – Oxea GmbH downsized its U.S. seven-year covenant-light term loan B to $500 million from $530 million and upsized its euro seven-year covenant-light term loan B to €475 million from €450 million, according to a market source.

Pricing on the U.S. term loan is Libor plus 350 basis points with a 0% Libor floor and an original issue discount of 99.75, and pricing on the euro term loan is Euribor plus 375 bps with a 0% floor and a par issue price.

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

Earlier in syndication, pricing on the U.S. loan firmed at the low end of the Libor plus 350 bps to 375 bps talk, pricing on the euro loan was set at the low end of the Euribor plus 375 bps to 400 bps talk, and the issue price on the euro loan tightened from 99.75.

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.

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

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