Refresco changes OID talk on €1.53 billion euro term loan to 98.5-99

By Sara Rosenberg

New York, April 29 – Refresco Group BV revised original issue discount talk on its €1.53 billion euro term loan B to a range of 98.5 to 99 from a range of 98 to 98.5, according to a market source.

Price talk on the euro term loan is unchanged at Euribor plus 450 basis points with two 25 bps leverage-based step-downs and a 25 bps step-down upon an initial public offering, and a 0% floor.

Talk on the €1.53 billion equivalent U.S. term loan B remained at SOFR plus 425 bps to 450 bps with a 25 bps leverage-based step-down and a 25 bps step-down upon an initial public offering, a 0.5% floor and an original issue discount of 98 to 98.5.

And, talk on the €340 million equivalent pound-denominated term loan B remained at Sonia plus 525 bps with two 25 bps leverage-based step-downs and a 25 bps step-down upon an initial public offering, a 0% floor and a discount of 98 to 98.5.

The €3.4 billion equivalent of term loans (B2/B+) still include 101 soft call protection for six months and amortization of 1% per annum.

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.

Commitments are due at 5 p.m. ET on Tuesday for the U.S. loan, accelerated from 5 p.m. ET on Wednesday, and at 5 a.m. ET on Wednesday for the euro and pound loans, accelerated from noon ET on Wednesday, the source added.

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.

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