Axalta Coating firms $1.85 billion term loan B-4 issue price at par

By Sara Rosenberg

New York, Aug. 15 – Axalta Coating Systems Ltd. set the issue price on its $1.845 billion senior secured term loan B-4 due Dec. 20, 2029 at par, the tight end of the 99.75 to par talk, according to a market source.

Pricing on the term loan remained at SOFR plus 250 basis points with a 0.5% floor.

As before, the term loan has 101 soft call protection for six months, amortization of 1% per annum and no credit spread adjustment.

Barclays is the lead on the deal and the administrative agent.

Commitments continued to be due at noon ET on Tuesday, the source added.

Proceeds will be used to reprice an existing term loan B due Dec. 20, 2029 down from SOFR plus 300 bps with a 0.5% floor.

The borrowers are Axalta Coating Systems U.S. Holdings Inc. and Axalta Coating Systems Dutch Holding BBV.

Axalta is a Glen Mills, Pa.-based coatings company focused on providing customers with innovative, colorful and sustainable solutions.

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