Socotec launches €150 million add-on term loan at 99-99.5 OID

By Sara Rosenberg

New York, Feb. 12 – Socotec was scheduled to hold a lender call at 11 a.m. ET on Monday to launch a fungible €150 million add-on first-lien term loan B due June 2028 that is talked with an original issue discount of 99 to 99.5, according to a market source.

Small group question and answer meetings are available on Tuesday, the source said.

Pricing on the add-on term loan is Euribor plus 350 basis points with a 0% floor, in line existing term loan B pricing.

BNP Paribas Securities Corp. and JPMorgan Chase Bank are the physical bookrunners on the deal. Morgan Stanley Senior Funding Inc. is a passive bookrunner. BNP is the administrative agent.

Commitments are due at noon ET on Thursday, the source added.

Proceeds will be used to fund the company’s near-term acquisition pipeline and to pay transaction related fees and expenses.

Socotec is a France-based provider of testing, inspection and compliance services for the infrastructure and environment & safety sectors.

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