Charter NEX launches $1.6 billion term loan at Libor plus 375-400 bps

By Sara Rosenberg

New York, Nov. 12 – Charter NEX US Inc. launched on Thursday a $1.6 billion seven-year first-lien term loan with price talk of Libor plus 375 basis points to 400 bps with a 0.75% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company’s $1.7 billion of credit facilities also include a $100 million five-year revolver.

Jefferies LLC, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and Nomura are the lead arrangers on the deal.

Commitments are due at 3 p.m. ET on Nov. 20, the source added.

Proceeds will be used to refinance existing debt and fund a distribution to shareholders.

Other funds for the transaction will come from $500 million of privately placed eight-year senior unsecured PIK toggle notes.

Charter NEX is a manufacturer of highly engineered specialty films focused on the stable food and consumer end-markets.

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