Silae shops €400 million add-on term loan B at 98 area OID

By Sara Rosenberg

New York, Nov. 14 – Silae (Seine Finance Sarl) is talking its fungible €400 million add-on senior secured covenant-lite first-lien term loan B due November 2027 with an original issue discount in the 98 area, according to a market source.

Pricing on the add-on term loan is Euribor plus 450 basis points with a 0% floor.

Expected term loan ratings are B3/B+.

BNP Paribas and HSBC are the joint physical bookrunners on the deal. RBC is the agent.

Commitments are due at 7 a.m. ET on Thursday.

Proceeds will be used to fund a shareholder dividend.

Silae, owned by Silver Lake, is a France-based provider of cloud-based payroll and HR software.

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