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Armacell readies launch of €660 million credit facility for Friday
By Sara Rosenberg
New York, Jan. 20 – Armacell is scheduled to hold a bank meeting in London on Friday to launch a €660 million equivalent credit facility, according to a market source.
Deutsche Bank Securities Inc., BNP Paribas Securities Corp. and HSBC Securities are the joint bookrunners on the deal, and ING is a mandated lead arranger.
The facility consists of a €100 million six-year revolver, a €445 million seven-year covenant-light term loan B and a €115 million U.S. dollar equivalent eight-year covenant-light second-lien term loan, the source said.
Pricing on the revolver is Euribor plus 400 basis points with a commitment fee of 35% of the margin.
The revolver has a springing first-lien net senior secured leverage covenant.
The term loan B has no floor and the second-lien term loan has a 1% floor, the source continued. Spread talk is not yet available on these tranches.
Commitments are due on Feb. 3, the source added.
Proceeds will be used to help fund the buyout of the company by Blackstone and Kirkbi from Charterhouse and for general corporate purposes.
Closing is expected this quarter, subject to approval from the relevant antitrust authorities.
Armacell is a Luxembourg-based manufacturer of high performance flexible foams for equipment insulation.
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