Axilone sets price guidance for €355 million term loans; commitments due Feb. 6

By Paul A. Harris

Portland, Ore., Jan. 23 – Axilone set price talk for €355 million of term loan debt it is attempting to syndicate, according to a market source.

A €265 million seven-year senior secured first-lien term loan is talked at Euribor plus 400 basis points with a 0% Euribor floor and an original issue discount of 99.5. The loan comes with six months of soft call protection at 101.

A €90 million 7.5-year senior secured second-lien term loan is talked at Euribor plus 775 bps atop a 1% Euribor floor at 98. It features hard call protection at 102 after one year and 101 after two years.

Commitments are due Feb. 6.

Lead arranger Barclays is the administrative agent. RBC Capital Markets LLC and Credit Suisse Securities (USA) LLC are also lead arrangers.

The deal also includes a €50 million six-year senior secured first-lien revolving credit facility.

The borrowing entities will be CCP Lux Holding Sarl and US Bidco.

Proceeds will be used to finance the acquisition of the Ileos Group SAS and Ileos USA by Citic Capital Partners.

Axilone is a Paris-based manufacturer of plastic components.

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