Orion Engineered discloses price talk on U.S. and euro term loans

By Sara Rosenberg

New York, April 18 – Orion Engineered Carbons released price talk on its $288 million senior secured first-lien term loan due July 25, 2024 and €331 million senior secured first-lien term loan due July 25, 2024 with its lender call on Wednesday, according to a market source.

Price talk on the U.S. term loan is Libor plus 200 basis points with a 0% Libor floor and a par issue price, and talk on the euro term loan is Euribor plus 225 bps with a 0% floor and an original issue discount of 99.75 to par, the source said.

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

Goldman Sachs is the bookrunner, global coordinator and mandated lead arranger on the deal. Additional mandated lead arrangers and coordinators are Mediobanca International (Luxembourg) SA and ING Bank.

Commitments are due on April 25, the source added.

Proceeds will be used to reprice an existing U.S. term loan down from Libor plus 250 bps with a 0% Libor floor and an existing euro term loan down from Euribor plus 250 bps with a 0% floor.

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

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