Azelis reworks U.S. and euro term loan sizes, finalizes spreads

By Sara Rosenberg

New York, Oct. 28 – Azelis Finance SA downsized its U.S. senior secured covenant-light term B due Dec. 17, 2022 to $262,562,500 from $322,562,500 and upsized its euro senior secured covenant-light term B due Dec. 17, 2022 to €223,187,660 from €168,227,506, according to a market source.

Also, pricing on the U.S. term loan B firmed at Libor plus 425 basis points, the high end of the Libor plus 400 bps to 425 bps talk, and pricing on the euro term loan B finalized at Euribor plus 400 bps, the wide end of the Euribor plus 375 bps to 400 bps talk, the source said.

Furthermore, the 101 soft call protection on the term loans was extended to one year from six months.

The term loans still have a 1% floor and a par issue price.

Morgan Stanley Senior Funding Inc. is the bookrunner on the deal.

Proceeds will be used to reprice existing term loan B debt due 2022.

Azelis is an Antwerp, Belgium, pure-play specialty chemical distributor.

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