Axalta Coating launches $1.74 billion term B-6 at SOFR plus 200 bps

By Sara Rosenberg

New York, March 4 – Axalta Coating Systems Ltd. was scheduled to hold a lender call at 1 p.m. ET on Monday to launch a $1.736 billion senior secured term loan B-6 due Dec. 20, 2029 that is talked at SOFR plus 200 basis points with a 0.5% 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 and amortization of 1% per annum, the source said.

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

Commitments are due at noon ET on March 13, the source added.

Proceeds will be used to reprice the company’s existing term loan B-5 due Dec. 20, 2029 down from SOFR plus 250 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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