Circet to launch minimum €150 million add-on term loan on Thursday

By Sara Rosenberg

New York, Sept. 27 – Circet is scheduled to hold a lender call at 8:30 a.m. ET on Thursday to launch a fungible minimum €150 million senior secured add-on first-lien term loan B due October 2028, according to a market source.

BNP Paribas, BofA Securities Inc. and JPMorgan Chase Bank are the joint physical bookrunners on the deal. Natixis is the agent.

Pricing on the add-on term loan is Euribor plus 375 basis points with ratchet, Euribor plus 325 bps effective, the source said. The loan has a 0% floor.

The add-on term loan is talked with an original issue discount of 98 to 98.5, the source continued.

Expected term loan ratings are B1/BB-/BB-.

Commitments are due at 7 a.m. ET on Oct. 5, the source added.

Proceeds will be used to repay revolving credit facility borrowings.

Circet, owned by ICG and management, is a France-based provider of telecom infrastructure services.

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