| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers O > Headlines for Oberthur Technologies Group SAS > News item |
Oberthur flexes U.S. and euro term loan to Libor/Euribor plus 375 bps
By Sara Rosenberg
New York, Dec. 13 Oberthur Technologies Group SAS reduced pricing on its 2.1 billion equivalent seven-year U.S. and euro term loan to Libor/Euribor plus 375 basis points from talk of Libor/Euribor plus 425 bps to 450 bps, according to a market source.
Also, the breakdown of the U.S. and euro pieces within the term loan was revealed, with the U.S. tranche sized at $760 million and the euro tranche sized at 1,385,000,000, the source said.
The term debt still has no floor, an original issue discount of 99.5 and 101 soft call protection for six months.
The companys 2.4 billion equivalent senior secured credit facility (B2/B-/B+) also includes a 300 million multi-currency six-year revolver.
Deutsche Bank, Goldman Sachs International and Morgan Stanley are jointly leading syndication on the euro tranche, and Goldman Sachs is the left lead bookrunner on the U.S. tranche.
Recommitments were scheduled to be due by the close of business on Tuesday, the source continued.
Allocations are expected on Wednesday.
Proceeds will be used to help fund the acquisition of Morpho for a total enterprise value of 2.5 billion and to refinance existing Oberthur debt, including 190 million senior notes due 2020.
Of the total term loan amount, 38% is a term loan B-1 that will be used for the refinancing and 62% is a term loan B-2 that will be used for the acquisition, the source added.
Pro forma net total leverage is 4.3 times based on pro forma September 2016 last-12-months EBITDA of 461 million.
Oberthur Technologies is a France-based provider of chip-based digital authentication products and solutions with an expertise in digital security processes, software and cryptography. Morpho is a provider of security and identity solutions.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.