Caldic ups U.S. and euro term loan to €990 million equivalent

By Sara Rosenberg

New York, Feb. 3 – Caldic BV upsized its U.S. and euro seven-year covenant-lite term loan B (B2/B) to €990 million equivalent from €950 million equivalent and set the breakdown of the tranche sizes as a €410 million equivalent U.S. term loan and a €580 million euro term loan, according to a market source.

In addition, pricing on the U.S. term loan firmed at SOFR plus 400 basis points, the low end of the SOFR plus 400 bps to 425 bps talk, and pricing on the euro term loan finalized at Euribor plus 400 bps, the low end of the Euribor plus 400 bps to 425 bps talk, the source said.

The company removed from the U.S. term loan one 25 bps step-down based on senior secured net leverage, leaving one 25 bps step-down at 4.25x senior secured net leverage, and removed from the euro term loan one 25 bps step-down based on senior secured net leverage, leaving 25 bps step-downs at 4.25x and 3.75x senior secured net leverage.

Furthermore, the original issue discount talk on the U.S. term loan was changed to a range of 99.75 to 99.875 from a range of 99 to 99.5, and discount talk on the euro term loan was revised to a range of 99.875 to par from 99.5, the source continued.

As before, the U.S. term loan has a 0.5% floor and amortization of 1% per annum, the euro term loan has a 0% floor and no amortization, and both loans have 101 soft call protection for six months.

Goldman Sachs is an active bookrunner on the U.S. term loan. Joint active bookrunners on the euro term loan are BNP Paribas Securities Corp., RBC Capital Markets and UBS Investment Bank. Joint passive bookrunners are Credit Suisse, Morgan Stanley Senior Funding Inc., Barclays, Jefferies LLC, ABN Amro, ING and KKR Capital Markets.

Recommitments are due at 10 a.m. ET on Friday, the source added.

Proceeds will be used to help fund the buyout of the company by Advent International from Goldman Sachs Asset Management, to refinance existing debt, for general corporate purposes and, due to the upsizing, to add cash to the balance sheet.

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

Caldic is a Netherlands-based provider of life sciences and specialty industrial solutions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.