Saverglass flexes €500 million term B to Euribor plus 425 bps

By Sara Rosenberg

New York, Feb. 4 – Saverglass SAS reduced pricing on its €500 million seven-year covenant-lite first-lien term loan B (B2/B) to Euribor plus 425 basis points from talk in the range of Euribor plus 450 bps to 475 bps, according to a market source.

Also, the original issue discount talk on the term loan was revised to a range of 99 to 99.5 from just 99, the source said.

The term loan still has a 0% floor, 101 soft call protection for six months and ESG ratchets subject to certain key performance indicators.

Barclays, Credit Agricole and Societe Generale are the joint physical bookrunners on the deal. CIC, Mediobanca and RBC are joint bookrunners. Credit Agricole is the agent.

Commitments were scheduled to be due at 7 a.m. ET on Friday, the source added.

Proceeds will be used to refinance existing debt, repay some convertible bonds and pay a dividend to shareholders.

Saverglass, a Carlyle portfolio company, is a manufacturer of glass bottles for premium wines and spirits.

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