TK Elevator to launch U.S. and euro loan repricing, add-on Tuesday

By Sara Rosenberg

New York, June 21 – TK Elevator is scheduled to hold a lender call at 10 a.m. ET on Tuesday to launch a repricing of its roughly $2.861 billion senior secured term loan B due July 2027 and €1.015 billion senior secured term loan B due July 2027, and a new €200 million equivalent add-on term loan, according to a market source.

Goldman Sachs is the physical bookrunner on the deal. Deutsche Bank is a bookrunner.

The repriced euro term loan and add-on term loan debt will have a 0% floor.

All of the term loan debt will include 101 soft call protection for six months, the source said.

The repriced U.S. term loan will have amortization of 1% per annum.

Expected term loan ratings are B1/B+/B+.

Commitments and consents are due at 10 a.m. ET on June 29, the source added.

Proceeds from the add-on term loan will be used to partially repay existing senior notes.

Current pricing on the U.S. term loan is Libor plus 425 basis points with a 0% Libor floor, and current pricing on the euro term loan is Euribor plus 425 bps with a 0% floor.

TK Elevator is an international provider of elevator technology.

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