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Axilone firms issue prices on U.S. and euro first-lien term loans
By Sara Rosenberg
New York, Feb. 8 Axilone finalized the original issue discount on its 45 million equivalent U.S. seven-year first-lien term loan at 99.75, the tight end of the 99.5 to 99.75 talk, according to a market source.
Pricing on the U.S. term loan remained at Libor plus 400 basis points with a 0% Libor floor.
The company also firmed the issue price on its 245 million seven-year first-lien term loan at par, the tight end of revised talk of 99.75 to par and tight of initial talk of 99.5.
The euro first-lien term loan is priced at Euribor plus 375 bps with a 0% floor.
Both first-lien term loans still have 101 soft call protection for six months.
The companys 420 million of senior secured credit facilities also include a 50 million six-year revolver and an 80 million 7.5-year second-lien term loan.
Pricing on the second-lien term loan is Euribor plus 775 bps with a 1% floor and an original issue discount of 98.
The second-lien term loan is non-callable for one year, then at 102 in year two and 101 in year three.
Earlier in syndication, the first-lien term loan was upsized to 290 million equivalent from 265 million and the U.S. carve-out was added, and the second-lien term loan was downsized from 90 million. Additionally, pricing on the euro first-lien term loan was reduced from Euribor plus 400 bps and the discount on the second-lien loan firmed from talk in the 98 area.
Barclays and RBC are the active bookrunners on the deal and mandated lead arrangers with Credit Suisse. Barclays is the administrative agent.
Allocations went out on Thursday, the source added.
Proceeds will be used to finance the acquisition of the Ileos Group SAS and Ileos USA by Citic Capital Partners, refinance existing debt and pay related fees and expenses.
Axilone is a Paris-based manufacturer of plastic and metal packaging for the lipstick, fragrance and skin care segments.
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