Ceva Sante launches €500 million equivalent U.S., €1.8 billion loans

By Sara Rosenberg

New York, Oct. 17 – Ceva Sante held a lender call at 9 a.m. ET on Tuesday to launch a €500 million equivalent U.S. senior secured term loan B due November 2030 and a €1.8 billion senior secured term loan B due November 2030, according to a market source.

There will be lender one-on-ones from Tuesday through Friday.

Price talk on the U.S. term loan is SOFR plus 425 basis points with a 0% floor and an original issue discount of 99, and talk on the euro term loan is Euribor plus 425 bps with a 0% floor and a discount of 99 to 99.5, the source said.

Both term loans (B) have 101 soft call protection for six months.

JPMorgan Chase Bank is the sole physical bookrunner on the U.S. term loan. Barclays and JPMorgan are the joint physical bookrunners on the euro term loan. Credit Agricole, Natixis and Nomura are joint bookrunners. JPMorgan is the agent on the U.S. loan and Natixis is the agent on the euro loan. Credit Agricole is the ESG agent.

Commitments are due at 5 p.m. ET on Oct. 25 for the U.S. term loan and at noon ET on Oct. 25 for the euro term loan.

Proceeds will be used to refinance an existing term loan B and capital expenditures facility, to partially repay a PIK facility, and to pay related fees and expenses.

Ceva Sante is a France-based animal health company.

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