Cegid cuts spread on €700 million term loan B to Euribor plus 375 bps

By Sara Rosenberg

New York, Sept. 22 – Cegid (Claudius Finance Sarl) reduced pricing on its non-fungible €700 million senior secured covenant-lite add-on first-lien term loan B due July 2028 (B2/B+) to Euribor plus 375 basis points from revised talk of Euribor plus 400 bps and initial talk in the range of Euribor plus 425 bps to 450 bps, according to a market source.

Also, the original issue discount on the add-on term loan firmed at 99.5, the tight end of revised talk of 99 to 99.5 and tighter than initial talk of 99, the source said.

The add-on term loan still has a 0% floor and 101 soft call protection for six months.

BNP Paribas Securities Corp. and Barclays are the joint physical bookrunners on the deal. Citigroup Global Markets Inc., Deutsche Bank Securities Inc., KKR Capital Markets LLC and UBS Investment Bank are the passive bookrunners. RBC is the agent.

The add-on term loan is expected to free to trade on Monday, the source added.

Proceeds will be used to fund a shareholder dividend.

Cegid, owned by Silver Lake, Altaone, KKR and Oakley, is a Lyon, France-based enterprise management software and cloud services provider.

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