Silae finalizes €650 million term loan B at 98.5 OID

By Sara Rosenberg

New York, Nov. 17 – Silae (Seine Finance Sarl) firmed the original issue discount on its €650 million seven-year senior secured covenant-lite first-lien term loan B (B3/B+) at 98.5, the tight end of revised talk of 98.25 to 98.5 and tighter than initial talk in the 98 area (+/- 0.25), according to a market source.

Pricing on the term loan B is Euribor plus 450 basis points with a 0% floor.

The term loan B has 101 soft call protection for six months, market standard margin ratchet and ratchet holiday.

Earlier in syndication, the transaction was revised from a fungible €400 million add-on senior secured covenant-lite first-lien term loan B due November 2027 talked at Euribor plus 450 bps with a 0% floor, a discount in the 98 area and no call protection.

BNP Paribas and HSBC are the joint physical bookrunners on the deal. RBC is the agent.

Allocations went out on Friday, the source added.

Proceeds will be used to fund a shareholder dividend and, due to the recent change in structure, to refinance an existing €250 million term loan B.

Silae, owned by Silver Lake, is a France-based provider of cloud-based payroll and HR software.

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