Nemera adds $75 million term loan, trims euro loan to €525 million

By Sara Rosenberg

New York, Dec. 14 – Nemera added a $75 million covenant-lite term loan B due January 2029 to its capital structure and downsized its euro covenant-lite term loan B due January 2029 to €525 million from €590 million, according to a market source.

Pricing on the U.S. term loan is SOFR plus 500 basis points with 25 bps step-downs at 4.5x and 4x senior secured net leverage, a 0% floor and an original issue discount of 98, the source said.

The euro term loan is still priced at Euribor plus 500 bps with a 0% floor, however the pricing grid was changed to two 25 bps step-downs at 4.5x and 4x senior secured net leverage, from three step-downs at 4.75x, 4.25x and 3.75x senior secured net leverage.

In addition, the company revised the original issue discount talk on the euro term loan B to a range of 98 to 98.5 from a range of 97.5 to 98, the source continued.

Both term loans (B3/B-) have 101 soft call protection for six months.

HSBC, ING, Natixis and UniCredit are the physical bookrunners on the deal. Natixis is the administrative agent.

Proceeds will be used to extend by three years an existing €460 million term loan B, which includes a U.S. carve-out, to partially refinance second-lien debt and for general corporate purposes.

Astorg and Montagu are the sponsors.

Nemera is a France-based manufacturer of drug delivery devices.

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