Refresco launches €400 million term loan B at OID of 98-98.5

By Sara Rosenberg

New York, July 22 – Refresco Holding BV launched on Wednesday its €400 million covenant-lite term loan B due March 2025 with original issue discount talk of 98 to 98.5, according to a market source.

As previously reported, price talk on the term loan is Euribor plus 400 basis points with a 0% floor.

Included in the term loan is 101 soft call protection for six months.

Expected term loan ratings are B1/B+.

BNP Paribas and Credit Suisse are the physical bookrunners on the deal. Deutsche Bank and Rabobank are joint bookrunners.

Commitments are due at noon ET on Tuesday.

Proceeds will be used to fund prospective acquisitions in the United States and Europe and to pay related fees and expenses.

Refresco is a Rotterdam, the Netherlands-based bottler of beverages.

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