thyssenkrupp reworks U.S. and euro term loan sizes, tightens OID

By Sara Rosenberg

New York, June 30 – thyssenkrupp Elevator upsized its U.S. seven-year first-lien term loan B (B1/B/B+) to $2.875 billion from a revised amount of $2.815 billion and an initial size of roughly €2.05 billion equivalent, according to a market source.

Also, the company upsized its euro seven-year first-lien term loan B (B1/B/B+) to €1.015 billion from €1 billion, the source said.

In addition, the original issue discount talk on the U.S. and euro term loans was revised to a range of 97.5 to 98 from a range of 96 to 97, and then firmed at 98, the tight end of the revised talk, the source said.

Pricing on the U.S. and euro term loans remained at Libor/Euribor plus 425 basis points with a 0% floor, and the debt still has 101 soft call protection for one year.

Upon the first upsizing to the U.S. term loan, which was announced on Monday, the company eliminated plans for a €500 million term loan A.

thyssenkrupp Elevator is a Germany-based provider of elevator technology.

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