Catalent launches U.S. and euro term loan B repricing to lenders

By Sara Rosenberg

New York, Nov. 28 – Catalent Pharma Solutions Inc. held a lender call at 11 a.m. ET on Monday to launch a repricing of its existing $1,466,500,000 senior secured covenant-light term loan B due May 20, 2021 and its existing €315,670,000 senior secured covenant-light term loan B due May 20, 2021, according to a market source.

The U.S. and euro term debt repricing is talked at Libor/Euribor plus 275 basis points to 300 bps with a 1% floor and a par issue price, the source said.

The repriced loans will have 101 soft call protection for six months and amortization of 1% per annum.

Morgan Stanley Senior Funding Inc. is the bookrunner on the deal.

Expected term loan ratings are Ba3/BB.

The company also announced plans to issue $400 million euro equivalent senior unsecured notes due 2024 to fund its acquisition of Accucaps Industries Ltd., repay a portion of the outstanding borrowings under its senior secured credit facilities, to pay related fees and expenses and for general corporate purposes.

Current pricing on the U.S. and euro term loans is Libor/Euribor plus 325 bps with a 1% Libor floor.

Consents/commitments due at 5 p.m. ET on Thursday, the source added.

Catalent is a Somerset, N.J.-based provider of advanced delivery technologies and development solutions for drugs, biologics and consumer health products.

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