Refresco revises €400 million loan OID talk to 98.5-99, firms at 98.5

By Sara Rosenberg

New York, July 29 – Refresco Holding BV changed original issue discount talk on its €400 million covenant-lite term loan B (B1/B+) due March 2025 to a range of 98.5 to 99 from revised talk of 98.5 and initial talk in the range of 98 to 98.5 talk and then firmed the issue price at 98.5, according to a market source.

Pricing 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 and a ticking fee of half the spread from days 46 to 90 and the full spread thereafter.

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

Allocations went out on Wednesday, the source added.

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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