KronosNet allocates €400 million term loan B at Euribor plus 575 bps

By Sara Rosenberg

New York, Sept. 28 – KronosNet allocated on Wednesday its €400 million seven-year term loan B that is priced at Euribor plus 575 basis points with a 0% floor and an original issue discount of 92, according to a market source.

The term loan B has 101 soft call protection for one year.

The company is also getting a €400 million term loan A.

During syndication, the term loan B was downsized from a €450 million as the term loan A was upsized from €350 million, the discount widened from talk in the 93 area and the call protection was extended from six months.

BNP Paribas, Credit Agricole, Deutsche Bank and JPMorgan are the global coordinators and physical bookrunners on the deal. Santander, NatWest and Bank of Ireland are joint bookrunners.

Proceeds will be used to create KronosNet through the merger of Konecta, a provider of Spanish-speaking customer experience BPO solutions, and Comdata, a Milan-based service provider in customer management BPO.

Closing is expected this quarter, following regulatory approval.

KronosNet will be based in Madrid.

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