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Technicolor firms U.S. term loan at $830 million, euro at €200 million
By Sara Rosenberg
New York, July 10 - Technicolor (Tech Finance & Co SCA) set its U.S. seven-year term loan B size at $830 million, down from a revised amount of $835 million and up from an initial amount of $645 million, according to a market source.
Meanwhile, the seven-year euro term loan B size finalized at €200 million, up from recent talk of €175 million and down from original talk of €250 million, the source said.
Also, pricing on the U.S. term B came at Libor plus 600 basis points, the wide end of the revised Libor plus 575 bps to 600 bps guidance and up from earlier talk of Libor plus 475 bps to 500 bps.
Pricing on the euro term loan firmed at Euribor plus 625 bps, up from revised talk of Euribor plus 575 bps to 600 bps and initial guidance of Euribor plus 475 bps to 500 bps, the source continued.
Furthermore, the original issue discounts on both term loans was changed to 97 from most recent talk of 98 and initial talk of 99.
The loans still have a 1.25% floor and hard call protection of 102 in year one and 101 in year two.
The call premiums were modified earlier in syndication from soft call protection of 102 for one year then 101 for an additional six months.
Included in the deal is a leverage-based maintenance covenant, which was added earlier in the syndication process as well.
J.P. Morgan Securities LLC, Goldman Sachs Bank USA and Morgan Stanley Senior Funding Inc. are the bookrunners on the deal (B3/B).
Proceeds will be used to refinance existing senior secured debt.
Originally, the company was planning on selling $330 million of senior notes with the refinancing, but that offering was recently pulled.
Technicolor is a technology company focused on the media and entertainment sector.
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