Technicolor ups U.S. loan to $872 million, cuts euro to €317 million

By Sara Rosenberg

New York, April 28 - Technicolor (Tech Finance & Co. SCA) upsized its U.S. term loan due July 10, 2020 to $872 million from $844 million and downsized its euro term loan due July 10, 2020 to €317 million from €321 million, according to a market source.

Pricing on term loans is Libor/Euribor plus 450 basis points with a 1% floor and an original issue discount of 991/2, and there is 101 soft call protection for six months.

Earlier in syndication, pricing on the term loans was lifted from talk of Libor/Euribor plus 400 bps to 425 bps and the offer price was revised from par on the existing and 99½ on new money.

Morgan Stanley Senior Funding Inc. is leading the senior secured deal.

Proceeds will be used to reprice existing U.S. and euro term loans from Libor/Euribor plus 600/625 bps with a 1.25% floor.

Closing is expected on April 30.

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

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