Orion Engineered flexes U.S., euro loans to Libor/Euribor plus 300 bps

By Sara Rosenberg

New York, Sept. 21 – Orion Engineered Carbons reduced pricing on its $302.8 million and €347 million term loan B due July 25, 2021 to Libor/Euribor plus 300 basis points from Libor/Euribor plus 325 bps, according to a market source.

The term loan debt still has a 0.75% floor and 101 soft call protection for six months, and, as before, existing lenders are offered a 12.5 bps consent fee and new money lenders are offered a 12.5 bps original issue discount.

Investors have until noon ET on Thursday to withdraw from the revised deal, the source said.

Goldman Sachs is the lead on the deal.

Proceeds will be used to reprice existing U.S. and euro term loan B debt from Libor/Euribor plus 375 bps with a 1% floor.

Orion Engineered Carbons is a Frankfurt-based producer of carbon black.

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