Flint Group trims U.S. term loan to $806 million, adds euro term B-3

By Sara Rosenberg

New York, May 20 – Flint Group (Colouroz Investment) downsized its U.S. first-lien term loan due Sept. 7, 2021 to $806 million from $856 million and added a new €45 million term loan B-3 to its capital structure, according to a market source.

Pricing on the U.S. term loan is Libor plus 350 basis points with a 1% Libor floor and a par issue price.

The new term loan B-3, as well as €622 million first-lien term loan B-2 due Sept. 7, 2021, are priced at Euribor plus 325 bps with a 1% floor and a par issue price, the source said.

All of the term loan debt is getting 101 soft call protection for six months.

Earlier in syndication, pricing on the U.S. term loan firmed at the wide end of the Libor plus 325 bps to 350 bps talk, pricing on the euro term loan B-2 was set at the high end of the Euribor plus 300 bps to 325 bps talk and the issue price on both loans firmed at the tight end of the 99.9 to par talk.

Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA and Deutsche Bank Securities Inc. are the lead banks on the deal.

Proceeds will be used to reprice existing U.S. and euro term loans.

With the repricing, the company is amending its credit facility to increase the junior debt prepayment basket to €100 million from €30 million.

Closing is expected on Friday, the source added.

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

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