Orion Engineered launches $291 million term B at Libor plus 275 bps

By Sara Rosenberg

New York, April 19 – Orion Engineered Carbons launched on Wednesday its $291 million first-lien senior secured term loan B due July 2021 with price talk of Libor plus 275 basis points with a 0% Libor floor and an original issue discount of 99.875 to par, according to a market source.

Furthermore, the company launched its €334 million first-lien senior secured term loan B due July 2021 with price talk of Euribor plus 300 bps with a 0% floor and a discount of 99.875 to par, the source said.

Both term loans have 101 soft call protection for six months and amortization of 1% per annum.

Goldman Sachs Bank USA is the lead on the deal.

Commitments are due on April 26, the source added.

Proceeds will be used to reprice existing U.S. and euro term loan B debt from Libor/Euribor plus 300 bps with a 0.75% floor.

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

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