Ceva Sante sets U.S. loan at $540 million, firms euro term loan OID

By Sara Rosenberg

New York, Oct. 25 – Ceva Sante finalized its U.S. senior secured term loan B due November 2030 at a size of $540 million, compared to talk at launch of €500 million equivalent, according to a market source.

Pricing on the U.S. term loan remained at SOFR plus 425 basis points with a 0% floor and an original issue discount of 99.

Also, the company set the original issue discount on its €1.8 billion senior secured term loan B due November 2030 at 99, the wide end of the 99 to 99.5 talk, the source said.

Pricing on the euro term loan is still Euribor plus 425 bps with a 0% floor.

Both term loans (B2/B/BB-) 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 for the U.S. term loan were scheduled to be due at 5 p.m. ET on Wednesday.

Allocations are expected on Thursday, the source added.

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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