Curium finalizes pricing on first- and second-lien term loans

By Sara Rosenberg

New York, Oct. 28 – Curium Bidco Sarl firmed pricing on its $265 million seven-year covenant-lite first-lien term loan B (B2/B/B+) at Libor plus 425 basis points, the high end of the Libor plus 400 bps to 425 bps talk, and on its $325 million eight-year covenant-lite second-lien term loan (Caa2/CCC+/CCC+) at Libor plus 775 bps, the low end of the Libor plus 775 bps to 800 bps talk, according to a market source.

Additionally, the original issue discount on the second-lien term loan was set at 98.5, the tight end of the 98 to 98.5 guidance, the source said.

As before, the first-lien term loan has a 25 bps step-down at 3.5x first-lien net leverage, a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and the second-lien term loan has a 0.75% Libor floor and hard call protection of 102 in year one and 101 in year two.

J.P. Morgan Securities LLC, Barclays, Deutsche Bank Securities Inc. and Nomura are the leads on the $590 million of term loans.

Proceeds will be used to help fund the acquisition of the company by CapVest Fund IV and third-party investors from CapVest Fund III.

Curium is a nuclear medicine company with headquarters in London and Paris.

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