Safetykleen ups term B to €660 million, firms at Euribor plus 400 bps

By Sara Rosenberg

New York, Jan. 30 – Safetykleen (Shilton Bidco Ltd.) upsized its covenant-lite term loan B due January 2027 to €660 million from €556 million and set pricing at Euribor plus 400 basis points, the low end of the Euribor plus 400 bps to 425 bps talk, according to a market source.

As before, the term loan has 25 bps pricing step-downs at 4.75x and 4.25x leverage, a 0% floor, a par issue price and 101 soft call protection for six months.

HSBC and Jefferies are the joint physical bookrunners on the deal. BNP Paribas, ING, JPMorgan, Mizuho, SMBC and UniCredit are the joint bookrunners. Wilmington is the agent.

Proceeds will be used to reprice an existing term loan due January 2027 down from Euribor plus 500 bps with 25 bps pricing step-downs at 4.75x and 4.25x leverage and a 0% floor, and the funds from the upsizing will be used to partially repay a GBP term loan B due January 2027 that is priced at Sonia plus 575 bps.

Apax is the sponsor.

Safetykleen is a provider of full-service industrial parts cleaning.

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