Sebia updates U.S. and euro first-lien term loan pricing

By Sara Rosenberg

New York, Sept. 25 – Sebia finalized pricing on its $225 million seven-year covenant-light first-lien term loan B at Libor plus 350 basis points, the low end of the Libor plus 350 bps to 375 bps talk, and reduced pricing on its €620 million seven-year covenant-light first-lien term loan B to Euribor plus 300 bps from Euribor plus 350 bps, according to a market source.

Furthermore, the issue price on the euro first-lien term loan was tightened to par from 99.75, the source said.

The original issue discount on the U.S. first-lien term loan remains at 99.5.

Both term loans still have a 0% floor and 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.

Pricing on the PIK loan firmed at Euribor plus 775 bps cash/Euribor plus 850 bps PIK, the low end of the Euribor plus 775 bps to 800 bps cash/Euribor plus 850 bps to 875 bps PIK talk, the source added.

Also, the discount on the PIK loan was set at 99, the tight end of the 98.5 to 99 talk.

The PIK loan still has a 0.75% floor.

Nomura is the lead on the deal that allocated on Monday.

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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