Axalta launches $450 million term loan at Libor plus 225-250 bps

By Sara Rosenberg

New York, May 15 – Axalta Coating Systems U.S. Holdings Inc. launched on Monday its $450 million seven-year covenant-light term loan (Ba1) with price talk of Libor plus 225 basis points to 250 bps with a 0% Libor floor and an original issue discount of 99.75, according to a market source.

The term loan includes 101 soft call protection for six months.

Deutsche Bank Securities Inc. is the bookrunner on the deal.

Commitments are due at 3 p.m. ET on Friday, the source said.

Proceeds will be used to help fund the acquisition of Valspar Corp.’s North American industrial wood coatings business for $420 million in cash.

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

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