Colisee launches €875 million term loan at Euribor plus 400-425 bps

By Sara Rosenberg

New York, Sept. 30 – Colisee (Cobalt BidCo) launched on Tuesday its €875 million seven-year covenant-lite term loan B (B) with price talk of Euribor plus 400 basis points to 425 bps with a 0% floor and an original issue discount of 98.5, according to a market source.

The term loan has 101 soft call protection for six months and a springing senior secured net leverage financial covenant set at a ratio of 9.85x and tested when drawn 40% for benefit of the revolving credit facility.

Credit Suisse, BNP Paribas and Societe Generale are the physical bookrunners on the deal and mandated lead arrangers with Barclays. Joint bookrunners include Barclays, Credit Agricole, Credit Industriel et Commercial, ING Bank, Natixis and JPMorgan.

Commitments are due at 7 a.m. ET on Oct. 9, the source added.

Proceeds will be used to help fund the acquisition of the company by EQT Infrastructure, CDPQ (Infrastructure) and management, to refinance existing debt and to pay fees and expenses.

Colisee is a Paris-based operator of nursing home facilities and home care services agencies.

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