Refresco sets talk in €3.4 billion equivalent of term loans; commitments due May 4

By Paul A. Harris

Portland, Ore., April 22 – Refresco Group BV outlined pricing on €3.4 billion equivalent of term loans (B2/B+) on Friday, according to a market source.

• A €1.53 billion equivalent dollar-denominated term loan B is talked at SOFR plus 425 basis points to 450 bps at 98 to 98.5 with a 0.5% SOFR floor;

• A €1.53 billion term loan B is talked at Euribor plus 450 bps with no floor, at 98 to 98.5; and

• A €340 million equivalent sterling-denominated term loan B is talked at SOFR plus 525 bps with no floor, at 98 to 98.5.

The dollar-denominated tranche features one 25 bps leverage-based margin step-down and an additional 25 bps IPO margin step-down.

The euro- and sterling-denominated tranches feature two 25 bps leverage-based margin step-downs and an additional 25 bps IPO margin step-down.

All tranches amortize at an annual rate of 1% and come with six months of soft call protection at 101.

Commitments are due at 5 p.m. ET on May 4 for the U.S. loan and noon ET on May 4 for the euro and pound loans.

Goldman Sachs, JPMorgan Chase Bank and KKR Capital Markets are the joint physical bookrunners on the deal, with Goldman left on the U.S. loan and JPMorgan left on the euro and pound loans. Credit Suisse, Natwest, BofA Securities Inc., Morgan Stanley Senior Funding Inc., Mizuho, MUFG, ABN Amro, Credit Agricole, Unicredit, Rabobank, ING, BNP Paribas Securities Corp. and SMBC are joint bookrunners. JPMorgan is the administrative agent.

Proceeds will be used to help fund KKR’s acquisition of a majority stake in the company. Refresco’s existing investors, PAI Partners and British Columbia Investment Management Corp., will maintain a significant minority position.

Refresco is a Rotterdam, the Netherlands-based beverage producer.

© 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.