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Linxens reworks U.S. and euro first- and second-lien term loan sizes
By Sara Rosenberg
New York, July 29 – Linxens upsized its U.S. seven-year first-lien covenant-light term loan to $550 million from $500 million and downsized its euro seven-year first-lien covenant-light term loan to €200 million from €230 million, according to a market source.
In addition, the eight-year second-lien covenant-light term loan was changed to a $200 million tranche and a €35 million tranche, from just a $256 million tranche previously, the source said.
Also, pricing on the euro first-lien term loan was lowered to Euribor plus 450 basis points from Euribor plus 475 bps, and the original issue discount on all of the first-lien term debt was tightened to 99.5 from 99, the source continued.
The U.S. first-lien term loan is still priced at Libor plus 400 bps with a 1% Libor floor, the euro first-lien term loan still has no floor and all of the first-lien debt still has 101 soft call protection for six months.
A 25 bps pricing step-down was added to the U.S. and euro first-lien term loans when first-lien leverage is 4.25 times.
Pricing on the U.S. second-lien term remained at Libor plus 850 bps with a 1% Libor floor and a discount of 99, and the euro second-lien term loan is priced at Euribor plus 850 bps with a 1% floor and a discount of 99.
The second-lien term loan still has call protection of 102 in year one and 101 in year two.
Included in the debt is a ticking fee of half the margin from days 31 to 60 and the full margin thereafter.
Commitments are due at noon ET on Thursday, the source added.
Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Natixis and Nomura are the leads on the deal.
Proceeds will be used to help fund the buyout of the company by CVC Capital.
Linxens is a France-based designer and manufacturer of smart card connectors.
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