Flint Group details €1.7 billion equivalent dual-currency facilities

By Paul A. Harris

Portland, Ore., April 15 - Flint Group revealed tranche sizes and structure for its €1.7 billion of dual-currency credit facilities on Tuesday, according to a market source.

A seven-year first-lien term loan (expected ratings B1/B+) is expected to come in tranches sized at €625 million and $860 million. The first-lien tranches feature a 1% Libor floor and a 101 soft call for six months.

An eight-year second-lien term loan (expected ratings Caa1/B-) is expected to come in tranches sized at €150 million and $205 million. The second-lien tranches feature a 1% Libor floor and hard calls at 102 and 101.

The deal kicks off at lender meetings set for April 21 in London and April 22 in New York.

Administrative agent and joint bookrunner Deutsche Bank is the left lead on the first-lien tranche.

Joint bookrunner Morgan Stanley & Co. is the left lead on the second-lien tranche.

Barclays and Goldman Sachs are also joint bookrunners.

Proceeds will be used to help fund the acquisition of Flint Group by Goldman Sachs Merchant Banking Division and Koch Equity Development LLC from CVC Capital Partners.

The facilities also include a €150 million revolver, proceeds from which will be used for general corporate purposes.

Flint is a Luxembourg-based supplier of inks and other print consumables.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.