Mehilainen sets price on €380 million first-lien loan, adds second-lien repricing

By Sara Rosenberg

New York, Dec. 6 – Mehilainen Yhtiot Oy firmed the issue price on its €380 million incremental first-lien term loan B (B2/B/B+) due August 2025 and repricing of its existing first-lien term loan B (B2/B/B+) at par, the tight end of revised talk of 99.75 to par and tight of initial talk of 99.75, according to a market source.

Also, the company added a repricing of its second-lien term loan (Caa2/CCC+/CCC+) that is talked at Euribor plus 725 basis points with a par issue price, the source said.

Pricing on the first-lien term loan debt is Euribor plus 375 bps with, after a six-month ratchet holiday, a step-down to Euribor plus 350 bps at less than 4.25x first-lien leverage and a step-down to Euribor plus 325 bps at less than 3.75x first-lien leverage

Earlier in syndication, pricing on the first-lien term loan debt finalized at the low end of the Euribor plus 375 bps to 400 bps talk.

Allocations on the first-lien term loan debt are expected on Monday.

Commitments for the second-lien term loan repricing are due at noon ET on Tuesday, and consent forms are due by 7 a.m. ET on Wednesday, the source added.

Barclays and Nordea are the global coordinators on the deal. Danske Bank, Credit Agricole, HSBC, MUFG and SMBC are the bookrunners. Danske Bank is the agent.

CVC Capital Partners is the sponsor.

Mehilainen is a private health care and social care provider in Finland.

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