Socotec launches $190 million term loan at Libor plus 425 bps

By Sara Rosenberg

New York, June 27 – Socotec launched on Thursday its $190 million covenant-lite term loan due July 2024 with price talk of Libor plus 425 basis points with a 0% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

In addition, the company’s €150 million covenant-lite add-on term loan due July 2024 was launched with original issue discount talk of 99.5 to par, the source said.

Pricing on the euro add-on term loan is Euribor plus 375 bps with a 0% floor.

BNP Paribas and Deutsche Bank are the leads on the deal.

Commitments are due on July 11.

Proceeds will be used to fund an acquisition and refinance existing debt.

Socotec is a France-based identifier, assessor and manager of risks in the areas of quality, health and safety, and environment.

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