Messer Industries withdraws repricing of U.S. and euro term loans

By Sara Rosenberg

New York, Feb. 24 – Messer Industries pulled its $2.206 billion term loan B due March 2026 and its €540 million term loan B due March 2026 due to market conditions, according to a market source.

The term loans were talked at Libor/Euribor plus 225 basis points with a 0% floor. The U.S. term loan was talked with an original issue discount of 99.875, and the euro term loan was talked with a discount in the range of 99.875 to par. The euro term loan was talked with a pricing step-up to Euribor plus 250 bps at more than 4.5x net leverage.

Both term loans would have included 101 soft call protection for six months.

Goldman Sachs Bank USA, Citigroup Global Markets Inc., UBS Investment Bank, BNP Paribas Securities Corp., ING, UniCredit, Bayern LB, Deutsche Bank Securities Inc., Helaba and Mizuho were the lead arrangers on the deal. Goldman was the left lead on the U.S. loan, and Citigroup and UBS were the joint active leads on the euro loan.

Proceeds were going to be used to reprice an existing U.S. term loan down from Libor plus 250 bps and an existing euro term loan down from Euribor plus 275 bps with a step to Euribor plus 250 bps.

Messer Industries is a producer and refiner of industrial gases for customers across several industries.

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