CEVA Logistics talks €250 million PIK loans with Euribor plus 775 bps coupon at 99.00

By Paul A. Harris

St. Louis, Feb. 2 - Netherlands-based Louis Topco Ltd., the holding company for CEVA Logistics, has talked its €250 million payment-in-kind loans due June 2017 to price at an issue price of 99.00 and to pay interest at a 775 basis point spread to Libor, an informed source told Prospect News on Friday.

The loans, which will be exchangeable into notes, are expected to price on Monday.

Credit Suisse is the bookrunner.

The loans mature six months after the company's existing senior subordinated notes. The loans become callable after six months at 103.

Proceeds will be used to fund a dividend payment.

CEVA was formed in the fourth quarter of 2006 when TNT NV sold its logistics division to Apollo Management LP.

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