Apleona increases term loan B to €765 million, updates pricing

By Sara Rosenberg

New York, Feb. 10 – Apleona upsized its seven-year term loan B (B2/B) to €765 million from €740 million and set pricing at Euribor plus 350 basis points, the low end of the Euribor plus 350 bps to 375 bps talk, according to a market source.

Also, the issue price on the term loan was changed to par from 99.5, the source said.

The term loan still has a 0% floor and 101 soft call protection for six months.

As a result of the term loan B upsizing, the company’s second-lien debt was reduced by €25 million, the source added.

Citigroup, Deutsche Bank and UniCredit are the physical bookrunners on the deal. Bank of America, HSBC, Natixis and SMBC are bookrunners. Deutsche Bank is the agent.

Commitments continue to be due at noon ET on Thursday.

Proceeds will be used to help fund the buyout of the company by PAI Partners from EQT for a total transaction value of about €1.6 billion, refinance existing debt, and pay fees, costs and expenses in connection with the transaction.

Closing is expected early in the second quarter, subject to customary conditions and approvals.

Apleona is a Neu-Isenburg, Germany-based integrated facilities management services provider.

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