Curium Pharma moves some funds between U.S. and euro term loans

By Sara Rosenberg

New York, June 26 – Curium Pharma downsized its U.S. dollar seven-year term loan (B2//BB-) to about $495 million (€435 million equivalent) from about $550 million (€485 million equivalent) and upsized its euro seven-year term loan (B2//BB-) to €300 million from €250 million, according to a market source.

Also, pricing on the U.S. term loan was set at Libor plus 400 basis points, the low end of the Libor plus 400 bps to 425 bps talk, a 25 bps step-down was added based on leverage, and the original issue discount was tightened to 99.25 from 99.

In addition, price talk on the euro term loan was changed to a range of Euribor plus 375 bps to 400 bps from a range of Euribor plus 400 bps to 425 bps, and then firmed at Euribor plus 375 bps, the source said.

Furthermore, two 25 bps step-downs were added to the euro term loan based on leverage and the issue price was revised to par from 99.5.

Changes were also made to the incremental facility, excess cash flow sweep, restricted payments, asset sales and financial reporting.

Both term loans still have a 0% floor and 101 soft call protection for six months.

JPMorgan is the physical bookrunner on the U.S. loan, and Barclays and JPMorgan are the physical bookrunners on the euro loan. Citigroup is a bookrunner on the euro loan as well.

Allocations are expected on Thursday, the source added.

Proceeds will be used to refinance existing debt.

Curium is a Paris-based nuclear medicine company.

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