Axalta talks $475 million add-on loan, repricing at Libor plus 175 bps

By Sara Rosenberg

New York, March 28 – Axalta Coating Systems Ltd. launched on Wednesday its $475 million add-on term loan B due June 1, 2024 and repricing of its existing $1.96 billion term loan B due June 1, 2024 with price talk of Libor plus 175 basis points with a 0% Libor floor and an original issue discount of 99.75 to par, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Barclays and Deutsche Bank Securities Inc. are the bookrunners on the deal.

Commitments are due at noon ET on April 4, the source added.

Proceeds from the add-on will be used to refinance an existing €396 million term loan B due 2023, and the repricing will take the existing term loan down from Libor plus 200 bps with a 0% Libor floor.

Axalta is a Philadelphia-based manufacturer, marketer and distributor of high-performance coatings systems.

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