Charter NEX withdraws $780 million term loan from market

By Sara Rosenberg

New York, Feb. 3 – Charter NEX US Inc. pulled its $780 million incremental first-lien term loan due May 16, 2025 from market, according to a source.

The loan was talked at Libor plus 300 basis points with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Jefferies LLC, Nomura and UBS Investment Bank were the leads on the deal.

Proceeds were going to be used to refinance an existing first-lien term loan due May 2024 and priced at Libor plus 350 bps, and to partially repay unsecured PIK toggle notes.

Charter NEX is a manufacturer of highly engineered specialty films, focused on the stable food and medical end-markets.

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