Azelis Finance launches repricing of U.S. and euro term loans

By Sara Rosenberg

New York, Oct. 31 – Azelis Finance SA launched on Tuesday a $259.9 million covenant-light first-lien term loan due December 2022 with price talk of Libor plus 375 basis points to 400 bps with a 1% Libor floor and a par issue price, according to a market source.

The company also launched a €221 million covenant-light first-lien term loan due December 2022 with price talk of Euribor plus 350 bps to 375 bps with a 0% floor and a par issue price, the source said.

Morgan Stanley Senior Funding Inc. is the global coordinator on the deal.

Proceeds will be used to reprice an existing U.S. term loan and an existing euro term loan.

With this transaction, the company is seeking to raise its incremental base amount by up to €50 million to repay revolving credit facility borrowings.

Consents are due at 5 p.m. ET on Thursday, the source added.

Allocations are targeted for Friday.

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

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