Suzo-Happ talks €165 million term loan with 525 bps Euribor spread to yield 6½%-6¾%

By Paul A. Harris

Portland, Ore., Feb. 4 – Suzo-Happ set price talk for a non-rated €165 million term loan in the Euribor plus 525 basis points area, at a to-be-determined reoffer price, with an all-in yield of 6½% to 6¾% on Wednesday, according to a market source.

Commitments are due Feb. 18.

The term loan features a 1% Euribor floor and 101 soft call protection for 12 months.

The €185 million credit facility via bookrunner Barclays also features a €20 million five-year revolving credit facility.

Proceeds will be used to fund the acquisition of Malmo, Sweden-based cash processing technology services provider Scan Coin AB and to refinance debt.

The borrowing entities are Happ Acquisition, Inc., along with Sweden Newco and Global Investments Holding BV (Netherlands).

Suzo-Happ is a Mount Prospect, Ill.-based provider of coin and currency handling and gaming solutions, components and distribution.

The sponsor is Acon Investments.

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