Sebia launches $225 million term loan B at Libor plus 350-375 bps

By Sara Rosenberg

New York, Sept. 11 – Sebia launched with a bank meeting on Monday its $225 million seven-year covenant-light first-lien term loan B with price talk of Libor plus 350 basis points to 375 bps with a 0% Libor floor and an original issue discount of 99.5, according to a market source.

The company also launched a €620 million seven-year covenant-light first-lien term loan B at talk of Euribor plus 350 bps with a 0% floor and a discount of 99.75, the source said.

The U.S. and euro term loan B’s have 101 soft call protection for six months.

In addition to the first-lien term loans, the company is getting a €20 million revolver and a €185 million eight-year covenant-light holdco PIK facility.

Talk on the second-lien loan is Euribor plus 775 bps to 800 bps cash/Euribor plus 850 bps to 875 bps PIK with a 0.75% floor and a discount of 98.5 to 99, the source continued.

The second-lien loan is non-callable for one year.

Nomura is the lead on the deal.

Commitments are due on Sept. 22.

Proceeds will be used to help fund the acquisition of a significant minority stake in the company by Caisse de depot et placement du Quebec and to refinance existing debt.

Closing is subject to customary clearance of regulatory authorities.

Sebia is a France-based multi-specialty in-vitro diagnostics company focusing on oncology, genetic hemoglobin and metabolic disorders.

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