Azelis Finance firms spreads on U.S. and euro term loans repricing

By Sara Rosenberg

New York, Nov. 3 – Azelis Finance SA set pricing on its $259.9 million covenant-light first-lien term loan due December 2022 at Libor plus 375 basis points, the low end of the Libor plus 375 bps to 400 bps talk, according to a market source.

Also, pricing on the €221 million covenant-light first-lien term loan due December 2022 firmed at Euribor plus 350 bps, the tight end of the Euribor plus 350 bps to 375 bps talk, the source said.

The U.S. first-lien term loan still has a 1% Libor floor, the euro term loan still has a 0% floor and both tranches still have a par issue price.

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

Proceeds will be used to reprice an existing U.S. term loan from Libor plus 425 bps and an existing euro term loan from Euribor plus 400 bps.

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

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