Orion Engineered frees to trade; Terex, EP Minerals update deals; Styrolution pulls loan

By Sara Rosenberg

New York, Aug. 7 – Orion Engineered Carbons SA finalized pricing on its term loan at the wide end of talk, modified the original issue discount, extended the call protection and then freed up for trading late in the day on Thursday.

In other primary news, Terex Corp. firmed the offer price on its first-lien term debt at the low end of guidance, and EP Minerals LLC widened price talk on its first-lien term loan.

Also, Styrolution withdrew its term loan B (B2/B) from market, and Prestige Brands Inc. released size and price talk on its incremental term loan that launched during the session.

Orion Engineered Carbons firmed pricing on its €665 million equivalent seven-year term loan at Libor/Euribor plus 400 basis points, the high end of the revised Libor/Euribor plus 375 bps to 400 bps talk and up from initial talk of Libor/Euribor plus 325 bps, moved the original issue discount to 99 from 99½ and extended the 101 soft call protection to one year from six months, according to a market source.

As before, the term loan has a 1% floor.

The U.S. tranche of the term loan is sized at about $359 million and the remainder of the tranche is denominated in euros.

With final terms in place, the debt made its way into the secondary market on Thursday, with the U.S. loan quoted at 99 ¼ bid, par ¼ offered, the source said.

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