Axalta Coating launches repricing for $2.28 billion and €397 million covenant-light loans

By Paul A. Harris

Portland, Ore., Jan. 9 - Axalta Coating Systems, previously known as DuPont Performance Coatings, launched a repricing of its $2,283,000,000 covenant-light term loan due Feb. 1, 2020 and its €397 million covenant-light term loan due Feb. 1, 2020 on Thursday, according to a market source.

The Libor spread on the dollar denominated loan is reduced to 300 basis points from 350 bps.

The Euribor spread on the euro-denominated loan is reduced to 325 bps from 400 bps.

The Libor floors on both tranches drop to 1% from 1.25%.

Both tranches are offered at par.

Both have six-month soft calls at 101.

Commitments are due on Jan. 16.

Barclays, Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., UBS Securities LLC, Jeffries Finance LLC and SMBC are the bookrunners on the deal.

Axalta is a Wilmington, Del.-based supplier of vehicle and industrial coating systems.

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