Mauser reworks first- and second-lien term loan sizes, updates pricing

By Sara Rosenberg

New York, June 26 – Mauser Holdings downsized its U.S. seven-year first-lien covenant-light term loan (B2/B) to $320 million from $465 million, upsized its euro seven-year first-lien covenant-light term loan (B2/B) to €445 million from €340 million and trimmed its eight-year second-lien covenant-light term loan (Caa2/CCC+) to $402 million from $405 million, according to a market source.

Also, pricing on the U.S. first-lien term loan was reduced to Libor plus 350 basis points from talk of Libor plus 375 bps to 400 bps, pricing on the euro first-lien term loan firmed at Euribor plus 375 bps, the tight end of the Euribor plus 375 bps to 400 bps talk, and pricing on the second-lien term loan finalized at Libor plus 725 bps, the low end of the Libor plus 725 bps to 750 bps talk, the source said.

Furthermore, the original issue discount on both first-lien term loans was revised to 99˝ from 99, the source continued.

All of the term loans still have a 1% floor, the first-lien term loans still have 101 soft call protection for six months, and the second-lien loan still has a discount of 99 and call protection of 102 in year one and 101 in year two.

The company’s credit facility also provides for a €150 million five-year revolver (B2/B) and a €50 million capital expenditures facility (B2/B).

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

Credit Suisse Securities (USA) LLC, Barclays, BNP Paribas Securities Corp., ING Capital LLC, Natixis and Nomura Securities International Inc. are leading the debt.

Proceeds will be used to help fund the buyout of the company by Clayton, Dubilier & Rice for about €1.2 billion.

Mauser is a Bruehl, Germany-based industrial packaging company.

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