New York, Feb. 16 – Quant AB said it completed a €90.5 million offering of bond loans made up of a €62.5 million floating-rate senior secured bond loan due February 2023 and a €28 million junior secured bond loan due May 2023.
The senior secured tranche pays interest at Euribor plus 600 basis points and was sold at par. The junior portion pays interest in kind at 14% and was also sold at par, according to term sheets.
Pareto Securities AS was the bookrunner.
Proceeds will be used to repay bank facility borrowings and for general corporate purposes.
“Refinancing our company in the bond market is an important step for Quant and provides a good structure to continue to grow our business globally, organically as well as through acquisitions,” said Olof Sand, president and chief executive officer of Quant, in a news release.
Quant is a Stockholm-based provider of maintenance services.
| Issuer: | Quant AB
|
| Amount: | €90.5 million
|
| Pricing date: | Feb. 13
|
| Settlement date: | Feb. 15
|
| Bookrunner: | Pareto Securities AS
|
|
|
| Senior secured floating-rate bond loan
|
| Amount: | €62.5 million
|
| Maturity: | Feb. 15, 2023
|
| Coupon: | Euribor plus 600 bps
|
| Price: | Par
|
| Call: | Make-whole call at Bunds plus 50 bps before Feb. 15, 2020, then at 103
|
| Equity clawback: | Until Feb. 15, 2020
|
|
|
| Junior secured PIK bond loan
|
| Amount: | €28 million
|
| Maturity: | May 15, 2023
|
| Coupon: | 14%, in kind
|
| Price: | Par
|
| Call: | Make-whole call at Bunds plus 50 bps before Feb. 15, 2019, then at 102.5
|
| Equity clawback: | Until Feb. 15, 2019
|
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