Lumileds launches $240 million add-on term loan B at 99.75-par price

By Sara Rosenberg

New York, July 27 – Lumileds (Bright Bidco BV) launched on Thursday its $240 million add-on covenant-light first-lien term loan B due June 2024 with original issue discount talk of 99.75 to par, according to a market source.

Pricing on the add-on term loan is Libor plus 450 basis points with a 1% Libor floor, in line with existing term loan B pricing.

The add-on term loan, like the existing term loan, has 101 soft call protection until December 2017.

Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC are the bookrunners on the deal.

Commitments are due at 5 p.m. ET on Aug. 3.

After this transaction, the term loan B will total $1.39 billion.

Proceeds will be used to fund a $235 million distribution to equity holders.

An amendment is being sought after in connection with the add-on loan and dividend payment, and lenders are offered a 25 bps consent fee, the source added.

Apollo is the sponsor.

Lumileds is a supplier of LED components and automotive lighting.

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