Colisee revises €875 million term loan discount to 99.5

By Sara Rosenberg

New York, Oct. 9 – Colisee (Cobalt BidCo) modified original issue discount talk on its €875 million seven-year covenant-lite term loan B (B2/B) to a range of 99.25 to 99.5 from revised talk of 99 and initial talk of 98.5, according to a market source. The discount firmed at 99.5 shortly thereafter.

Pricing on the term loan remained at Euribor plus 400 basis points with a 0% floor.

As before, the term loan has 101 soft call protection for six months, a ticking fee of half the spread from Dec. 1 through Jan. 7 and the full spread thereafter, and a springing senior secured net leverage financial covenant set at a ratio of 9.85x and tested when drawn 40% for the benefit of the revolving credit facility.

Previously in syndication, pricing on the term loan firmed at the low end of the Euribor plus 400 bps to 425 bps talk and the ticking fee was changed from half the spread after 90 days and the full spread after 120 days.

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.

Allocations went out on Friday.

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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