Rovensa lifts term loan to €387.5 million, revises OID to 95.75

By Sara Rosenberg

New York, Sept. 23 – Rovensa upsized its non-fungible add-on term loan B due September 2027 (B2/B/B+) to €387.5 million from €387 million and revised the original issue discount talk to the 95.5 area (+/- 0.25) from talk in the range of 94 to 95, before finalizing the discount at 95.75, according to a market source.

Also, the company added 101 soft call protection for six months to the term loan and added a six-month ratchet holiday, the source said.

Pricing on the term loan remained at Euribor plus 525 basis points with a 0% floor.

BNP Paribas and HSBC are the joint global coordinators and physical bookrunners on the deal. Credit Agricole, Mizuho, Rabobank, ING and Societe Generale are joint bookrunners. BNP is the agent.

Commitments were scheduled to be due at 8:30 a.m. ET on Friday and allocations went out later in the day, the source added.

The term loan is expected to free to trade on Monday morning.

Proceeds will be used to fund the acquisition of Cosmocel, a Monterrey, Mexico-based manufacturer of specialty biostimulants and high-tech products for agriculture.

Rovensa is a Portugal-based provider of bionutrition, biocontrol and crop protection solutions for sustainable agriculture.

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