Safetykleen finalizes €490 million term loan B at 96 OID

By Sara Rosenberg

New York, Jan. 27 – Safetykleen (Shilton Bidco Ltd.) firmed the original issue discount on its €490 million covenant-lite term loan B due January 2027 at 96, versus talk at launch in the 95.5 area (+/- 50 bps), according to a market source.

Pricing on the term loan remained at Euribor plus 500 basis points with a 0% floor.

Allocations went out on Friday, the source added.

HSBC and Jefferies are the joint global coordinators and physical bookrunners on the deal. BNP Paribas, Goldman Sachs, ING, JPMorgan, Mizuho, SMBC and Unicredit are joint bookrunners. Wilmington is the agent.

The company is also getting a pre-placed €120 million equivalent sterling-denominated covenant-lite term loan B due January 2027.

Pricing on the sterling term loan is SOFR plus 575 bps with a 0% floor and it was expected to be issued at a discount that is in line with the euro term loan clearing level.

Both term loans have 101 soft call protection for six months.

Proceeds will be used to extend and refinance the company’s existing euro first-lien term loan B due July 2024.

Apax is the sponsor.

Safetykleen is a provider of full-service industrial parts cleaning.

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