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Altran discloses price talk on €2.13 billion equivalent term loan B
By Sara Rosenberg
New York, Jan. 17 – Altran Technologies released price talk on its €2,125,000,000 equivalent U.S. and euro seven-year senior secured term loan B (Ba2/BB) in connection with its New York bank meeting on Wednesday, according to a market source.
A bank meeting for European investors was held in London on Tuesday.
The U.S. piece of the term loan B is talked at Libor plus 275 basis points with a 0% Libor floor and an original issue discount of 99.5, and the euro piece is talked at Euribor plus 300 bps with a 0% floor and a discount of 99.5, the source said.
Both tranches have a pricing grid. If net leverage is 4 times, the U.S. piece will step-up to Libor plus 325 bps and the euro piece will step-up to Euribor plus 350 bps. If net leverage is 3.5 times to less than 4 times, the U.S. loan will step-up to Libor plus 300 bps and the euro loan will step-up to Euribor plus 325 bps. And, if net leverage is less than 3 times, the U.S. tranche will step-down to Libor plus 250 bps and the euro tranche will step-down to Euribor plus 275 bps.
Included in the loan is 101 soft call protection for six months.
Goldman Sachs Bank USA, Credit Agricole CIB and Morgan Stanley Senior Funding Inc. are the leads on the deal.
Commitments are due at the close of business U.K. time on Jan. 29.
Allocations are targeted for Jan. 30.
Proceeds will be used with a potential €250 million bridge facility to fund the acquisition of Aricent from a group of investors led by KKR for €1.7 billion in an all-cash transaction and to early redeem some existing medium- and long-term debt.
The company is assuming that €750 million of equity will be used for the acquisition.
Altran is a France-based engineering and industrial consulting company. Aricent is a Redwood City, Calif.-based pure-play product engineering services firm.
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