Ferro discloses talk on $625 million U.S. and euro term loan B

By Sara Rosenberg

New York, Jan. 26 – Ferro Corp. released price talk on its $625 million seven-year covenant-light term loan B, which includes a euro carve-out of $250 million equivalent, with its bank meeting on Thursday, according to a market source.

The U.S. tranche is talked at Libor plus 275 basis points with a 0.75% Libor floor and an original issue discount of 99.5, and the euro tranche is talked at Euribor plus 275 bps to 300 bps with no Libor floor and a discount of 99.5, the source said.

The term loan debt has 101 soft call protection for six months.

Deutsche Bank Securities Inc., PNC Bank, Bank of America Merrill Lynch and HSBC Securities (USA) Inc. are the bookrunners on the deal, and co-managers are J.P. Morgan Securities LLC, KeyBanc Capital Markets, Citizens and Fifth Third Bank.

Commitments are due at the end of the day on Feb. 9, the source added.

Proceeds will be used to refinance existing bank debt.

Ferro is a Mayfield Heights, Ohio-based functional coatings and color solutions provider that offers a portfolio of technology-based performance materials.

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