Delachaux to launch €765 million credit facility on Wednesday

By Sara Rosenberg

New York, Sept. 8 – Delachaux is set to hold a bank meeting in London on Wednesday to launch a €765 million equivalent credit facility, according to a market source.

Deutsche Bank Securities Inc. is the global coordinator on the deal and a bookrunner with Credit Agricole, HSBC and Natixis.

The facility consists of a €75 million 6½-year revolver and a €690 million equivalent seven-year covenant-light term loan B, the source said.

The term loan B will be split between euro, U.S. dollar, sterling and Australian dollar tranches.

Pricing on the revolver is Euribor plus 375 basis points with a commitment fee that is 35% of the margin, the source continued.

The revolver has a springing leverage covenant.

Proceeds will be used to refinance existing debt, to fund a distribution to shareholders and for general corporate purposes.

Commitments are due on Sept. 22, the source added.

Delachaux is a French industrial company.

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