Albea Beauty shops €566 million term loan B at Euribor plus 500 bps

By Sara Rosenberg

New York, March 9 – Albea Beauty Holdings Sarl is in market with a €566 million term loan B due December 2027 that is talked at Euribor plus 500 basis points with a 0% floor and an original issue discount of 95 to 96, according to a market source.

The term loan has a 25 bps step-down at less than 3.5x leverage and a 25 bps step-down at less than 3x leverage, a 12 months ratchet holiday and 101 soft call protection for six months, the source said.

BNP Paribas Securities Corp. and Goldman Sachs are the active bookrunners on the deal. Credit Agricole, HSBC and ING are passive bookrunners. BNP Paribas is the administrative agent.

A lender call for the transaction was held on March 7, with virtual small group meetings on March 8.

Commitments are due at 7 a.m. ET on March 21, the source added.

Proceeds will be used to amend and extend an existing €444 million term loan B due April 2024 priced at Euribor plus 300 bps and an existing $129 million term loan B due April 2024 priced at Libor plus 275 bps.

Albea is a Paris-based maker of plastic packaging for beauty and personal care products.

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