Colisee finalizes €875 million term loan at Euribor plus 400 bps

By Sara Rosenberg

New York, Oct. 8 – Colisee (Cobalt BidCo) firmed pricing on its €875 million seven-year covenant-lite term loan B (B2/B) at Euribor plus 400 basis points, the low end of the Euribor plus 400 bps to 425 bps talk, according to a market source.

In addition, the original issue discount on the term loan was changed to 99 from 98.5, the source said.

Also, the ticking fee was revised to half the spread from Dec. 1 through Jan. 7 and the full spread thereafter, from half the spread after 90 days and the full spread after 120 days.

The term loan still has a 0% floor, 101 soft call protection for six months, and a springing senior secured net leverage financial covenant set at a ratio of 9.85x and tested when drawn 40% for the benefit of the revolving credit facility.

Credit Suisse, BNP Paribas and Societe Generale are the physical bookrunners on the deal and mandated lead arrangers with Barclays. Joint bookrunners include Barclays, Credit Agricole, Credit Industriel et Commercial, ING Bank, Natixis and JPMorgan.

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

Proceeds will be used to help fund the acquisition of the company by EQT Infrastructure, CDPQ (Infrastructure) and management, to refinance existing debt and to pay fees and expenses.

Colisee is a Paris-based operator of nursing home facilities and home care services agencies.

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