Zentiva changes €1.83 billion term B talk to Euribor plus 400-425 bps

By Sara Rosenberg

New York, Feb. 13 – Zentiva (AI Sirona (Luxembourg) Acquisition Sarl) revised price talk on its €1.825 billion first-lien term loan B due September 2028 to a range of Euribor plus 400 basis points to 425 bps from a range of Euribor plus 425 bps to 450 bps, according to a market source.

Also, the issue price on the term loan firmed at par, the tight end of the 99.75 to par talk, the source said.

The term loan still has a 0% floor and 101 soft call protection for six months.

Barclays, Goldman Sachs and Morgan Stanley are the physical bookrunners on the deal. BNP Paribas, Credit Agricole, ING, JPMorgan Chase Bank, NatWest, RBI and UBS Investment Bank are passive bookrunners. JPMorgan is the administrative agent.

Commitments continue to be due at 6 a.m. ET on Wednesday, the source added.

Proceeds will be used to reprice an existing term loan B down from Euribor plus 500 bps with a 0% floor.

Advent is the sponsor.

Zentiva is a pan European pharmaceuticals company focused on developing, manufacturing and marketing a wide range of generics, specialty and over-the-counter products.

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