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Messer Industries trims pricing on $2.85 billion equivalent of loans
By Sara Rosenberg
New York, Sept. 28 – Messer Industries reduced pricing on its $2,225,000,000 seven-year first-lien term loan (B1/BB-) to Libor plus 250 basis points from revised talk in the range of Libor plus 275 bps to 300 bps and initial talk in the range of Libor plus 325 bps to 350 bps, according to a market source.
The company also lowered pricing on its $625 million equivalent euro-denominated seven-year first-lien term loan (B1/BB-) to Euribor plus 275 bps from revised talk in the range of Euribor plus 300 bps to 325 bps and initial talk in the range of Euribor plus 350 bps to 375 bps, the source said.
Furthermore, the original issue discount on both term loans was changed to 99.75 from 99.5.
The term loans still have a 0% floor and 101 soft call protection for six months, the U.S. term loan still has amortization of 1% per annum and the euro term loan still has no amortization.
Goldman Sachs Bank USA is the lead bookrunner on the U.S. tranche, and UBS Investment Bank and Citigroup Global Markets Inc. are the lead bookrunners on the euro tranche. Managing lead arrangers are Goldman Sachs, UBS, Citigroup, ING, UniCredit, BNP Paribas, Deutsche Bank, Mizuho, Bayern LB and Helaba.
Recommitments for the $2.85 billion equivalent of term loans were scheduled to be due at noon ET on Friday, the source added.
Proceeds will be used to fund the acquisition by Messer Group and CVC Capital Partners of Linde AG’s gases business in North and South America for $3.3 billion.
Messer Industries is a new company formed by Linde North America’s gas assets and Messer Group’s Western European assets. The company will be owned 58% by Messer Group and 42% by CVC.
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