Catalent Pharma discloses price talk on U.S. and euro term loans

By Sara Rosenberg

New York, Oct. 4 – Catalent Pharma Solutions Inc. released price talk on its $1,251,500,000 covenant-light term loan B (Ba3/BB) due May 20, 2024 and €312,442,500 covenant-light term loan B (Ba3/BB) due May 20, 2024 in connection with its lender call, according to a market source.

The U.S. term loan is talked at Libor plus 225 basis points to 250 bps with a 1% Libor floor and an original issue discount of 99.5 to 99.75, and the euro term loan is talked at Euribor plus 200 bps to 225 bps with a 1% floor and a discount of 99.5 to 99.75, the source said.

Both term loans have 101 soft call protection for six months and amortization of 1% per annum.

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

Proceeds will be used to reprice and extend by three years existing term loan B facilities.

Consents/commitments are due at 5 p.m. ET on Oct. 11, 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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