MBCC Group updates $570 million, €1.1 billion term loan pricing

By Sara Rosenberg

New York, March 18 – MBCC Group reduced pricing on its $570 million covenant-lite term loan B (B2/B/BB-) due September 2027 to Libor plus 350 basis points from talk in the range of Libor plus 375 bps to 400 bps and firmed the spread on its €1.1 billion covenant-lite term loan B (B2/B/BB-) due September 2027 at Euribor plus 350 bps, the low end of the Euribor plus 350 bps to 375 bps talk, according to a market source.

Also, the original issue discount on the U.S. term loan was changed to 99.5 from 99, and the discount talk on the euro term loan was revised to a range of 99.75 to par from just 99.75, the source said.

The U.S. term loan still has a 0.75% Libor floor, the euro term loan still has a 0% floor, and both loans still have 101 soft call protection for six months.

Deutsche Bank Securities Inc. is the active bookrunner on the U.S. term loan, and Barclays and Deutsche Bank are the active bookrunners on the euro term loan. Passive bookrunners include Goldman Sachs, Intesa, JPMorgan Chase Bank, UBS Investment Bank, Unicredit and SMBC. US Bank is the administrative agent.

Commitments were scheduled to be due at 1 p.m. ET on Thursday, the source added.

Proceeds will be used to refinance a privately placed U.S. term loan and reprice an existing euro term loan down from Euribor plus 450 bps with a 0% floor.

MBCC Group, previously known as Skyscraper, is a Mannheim, Germany-based producer of performance solutions for the construction market.

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