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DexKo finalizes €459 million euro term loans at Euribor plus 375 bps
By Sara Rosenberg
New York, Jan. 16 – DexKo Global Inc. firmed pricing on its €110 million incremental first-lien term loan due July 24, 2024, of which €90 million is delayed-draw, and repricing of its existing €349 million first-lien term loan due July 24, 2024 at Euribor plus 375 basis points, the low end of the Euribor plus 375 bps to 400 bps talk, according to a market source.
Also, the issue price on the euro incremental term loan was tightened to par from 99.75, the source said.
The euro term loan debt still has a 0% floor.
As before, the company is also getting an $80 million incremental first-lien term loan due July 24, 2024, of which $50 million is delayed-draw, and repricing its existing $569 million first-lien term loan due July 24, 2024.
Pricing on the U.S. loans remained at Libor plus 350 bps with a 1% Libor floor.
The U.S. incremental term loan and repriced U.S. and euro term loans have a par issue price.
All of the term loans include 101 soft call protection for six months.
The delayed-draw tranches have a ticking fee of half the margin from days 31 to 60 and the full margin thereafter.
Earlier in syndication, the issue price on the U.S. incremental term loan was changed from 99.75.
Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Barclays and Deutsche Bank Securities Inc. are the lead arrangers on the loans (B1/B).
Proceeds from the add-on term loans will be used to fund tuck-in acquisitions, the U.S. repricing will take the existing term loan down from Libor plus 400 bps with a 1% Libor floor and the euro repricing will take the existing loan down from Euribor plus 450 bps with a 0% floor.
DexKo is a Novi, Mich.-based supplier of highly engineered running gear technology, chassis assemblies and related components.
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