Bayer Environmental to launch $2.02 billion loan facilities Wednesday

By Sara Rosenberg

New York, July 25 – Bayer Environmental Science (Discovery Purchaser Corp.) is scheduled to hold a lender call at 1 p.m. ET on Wednesday to launch $2.021 billion of credit facilities, according to a market source.

The facilities consist of a $50 million ABL revolver, a $325 million revolver, a $1.346 billion seven-year first-lien term loan and a $300 million eight-year second-lien term loan, the source said.

Credit Suisse Securities (USA) LLC, Barclays, BMO Capital Markets, HSBC Securities (USA) Inc., ING and BofA Securities Inc. are the arrangers on the deal, with Credit Suisse the left lead on the first-lien and Barclays the left lead on the second-lien.

Price talk on the first-lien term loan is SOFR plus 437.5 basis points with a 0.5% floor and an original issue discount of 90, and talk on the second-lien term loan is SOFR plus 700 bps with a 0.5% floor and a discount of 85.5, the source continued.

Commitments are due at 5 p.m. ET on Aug. 4, the source added.

Proceeds will be used to help fund the buyout of the company by Cinven from Bayer AG for a total enterprise value of $2.6 billion.

Bayer Environmental is a Cary, N.C.-based provider of environmental solutions to diverse end markets.

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