Heubach firms $610 million term loan B at SOFR+CSA plus 500 bps

By Sara Rosenberg

New York, Oct. 22 – Heubach Group set pricing on its $610 million seven-year term loan B (B2/B) at SOFR+CSA plus 500 basis points with a 0.5% SOFR+CSA floor, revised from talk of Libor plus 475 bps to 500 bps with a 0.5% Libor floor, according to a market source.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Also, the 101 soft call protection on the term loan was extended to one year from six months.

The term loan still has an original issue discount of 99.

BofA Securities Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., KeyBanc Capital Markets, MUFG, Citizens Bank and ING are the leads on the deal.

Proceeds will be used to fund the acquisition of Clariant’s pigments business for about CHF 805 million, with additional consideration of CHF 50 million contingent on the 2021 financial performance of the business unit.

Closing is expected in the first half of 2022, subject to customary conditions and approvals.

Heubach is a producer of anti-corrosive pigments.

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