Technicolor ups spread on term loans to Libor/Euribor plus 450 bps

By Sara Rosenberg

New York, April 24 - Technicolor (Tech Finance & Co. SCA) increased pricing on its $844 million term loan (B-) due July 10, 2020 and €321 million term loan (B-) due July 10, 2020 to Libor/Euribor plus 450 basis points from talk of Libor/Euribor plus 400 bps to 425 bps, according to a market source.

Also, the term loans are now offered at an original issue discount of 991/2, instead of at par on the existing and 99½ on new money, the source said.

The term loans still have a 1% Libor floor and 101 soft call protection for six months.

Recommitments were due at 2 p.m. ET on Thursday, the source added.

Morgan Stanley Senior Funding Inc. is the lead bank on the senior secured deal.

Proceeds will be used to reprice the company's existing U.S. and euro term loans.

Current pricing on the U.S. term loan is Libor plus 600 bps with a 1.25% Libor floor.

Closing is expected on April 30.

Technicolor is a technology company focused on the media and entertainment sector.

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