Consolidated Energy talks term loan B at SOFR plus 425-450 bps

By Sara Rosenberg

New York, Jan. 30 – Consolidated Energy Finance SA launched on Tuesday its $745 million senior secured 6.75-year first-lien term loan B (Ba3/BB-/BB+) with price talk of SOFR plus 425 basis points to 450 bps with a 0% floor and an original issue discount of 98, according to a market source.

The term loan has 101 soft call protection for six months, amortization of 1% per annum and a springing maturity three months ahead of senior notes due 2028, the source said.

Morgan Stanley Senior Funding Inc., Santander, ADCB and SMBC are the bookrunners on the deal.

Commitments are due at noon ET on Feb. 7, the source added.

Proceeds will be used with $580 million of senior notes to refinance bridge facilities used in part to finance an acquisition of a majority stake in OMC, to refinance an existing term loan B due 2025, to reduce debt at Proman AG and for general corporate purposes.

Consolidated Energy is an acquirer and developer of companies that focus on alternative waste management and energy production.

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