Axalta launches U.S. and euro term B’s at Libor/Euribor plus 250 bps

By Sara Rosenberg

New York, Nov. 30 – Axalta Coating Systems launched on Wednesday its $1,775,000,000 term loan B due February 2023 and a €187 million term loan B due February 2023 with price talk of Libor/Euribor plus 250 basis points with a 0.75% floor and an original issue discount of 99.5 to 99.75, according to a market source.

The term loans have 101 soft call protection for six months, the source said.

Barclays is the bookrunner on the deal (Ba1/BBB-).

Commitments/consents are due at noon ET on Tuesday, the source added.

Proceeds will be used with cash on hand to refinance $1,775,000,000 in term loans due 2020 priced at Libor plus 275 bps with a 1% Libor floor and €187 million in term loans due 2020 priced at Euribor plus 300 bps with a 1% Euribor floor, and to pay related transaction fees and expenses.

The transaction will feature certain covenant changes to the existing credit agreement.

Axalta is a Philadelphia-based manufacturer, marketer and distributor of coatings systems.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.