Saverglass finalizes €500 million term loan B at 99.5 OID

By Sara Rosenberg

New York, Feb. 7 – Saverglass SAS firmed the original issue discount on its €500 million seven-year covenant-lite first-lien term loan B (B2/B) at 99.5, the tight end of revised talk of 99 to 99.5 and tighter than initial talk of 99, according to a market source.

Pricing on the term loan is Euribor plus 425 basis points with a 0% floor.

The term loan has 101 soft call protection for six months.

Earlier in syndication, pricing on the term loan was reduced from talk in the range of Euribor plus 450 bps to 475 bps.

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.

Allocations went out on Monday, 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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