Axalta Coating finalizes $1.74 billion term B-6 at par issue price

By Sara Rosenberg

New York, March 14 – Axalta Coating Systems Ltd. set the issue price on its $1,735,775,000 senior secured term loan B-6 due Dec. 20, 2029 (Ba1/BBB-) at par, the tight end of the 99.75 to par talk, according to a market source.

Pricing on the term loan remained at SOFR plus 200 basis points with a 0.5% floor.

The term loan still has 101 soft call protection for six months and amortization of 1% per annum.

Barclays is the lead on the deal and the administrative agent.

Allocations went out on Wednesday and closing is expected on Monday, the source added.

Proceeds will be used to reprice the company’s existing term loan B-5 due Dec. 20, 2029 down from SOFR plus 250 bps with a 0.5% floor.

The borrowers are Axalta Coating Systems U.S. Holdings Inc. and Axalta Coating Systems Dutch Holding BBV.

Axalta is a Glen Mills, Pa.-based coatings company focused on providing customers with innovative, colorful and sustainable solutions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.