Belron firms U.S. and euro term loan amounts, updates issue prices

By Sara Rosenberg

New York, Oct. 25 – Belron firmed its U.S. seven-year incremental covenant-lite term loan B size at €750 million equivalent, the high end of the €700 million to €750 million equivalent talk, and its fungible add-on euro term loan due November 2024 size at €100 million, the low end of the €100 million to €150 million talk, according to a market source.

Also, the original issue discount on the U.S. term loan was modified to 99.75 from 99, and the issue price on the euro loan firmed at 100.5, the tight end of revised talk of 100.25 to 100.5 and tighter than initial talk of 99.75, the source said.

As before, pricing on the U.S. term loan is Libor plus 250 basis points with a 0% Libor floor and pricing on the euro term loan is Euribor plus 275 bps with a 0% floor.

The term loans have 101 soft call protection for six months.

BofA Securities Inc., J.P. Morgan Securities LLC, ING, BNP Paribas Securities Corp., Barclays, Fifth Third Bank, Goldman Sachs, KBC and Citizens Bank are the leads on the deal (Ba3), with BofA the left lead on the U.S. loan and JPMorgan the left lead on the euro loan. JPMorgan is the administrative agent.

Recommitments were scheduled to be due at 1 p.m. ET on Friday, the source added.

Proceeds will be used to fund a dividend.

Belron is a United Kingdom-based operator in the vehicle glass repair and replacement market.

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