Prosol launches €1.38 billion term loan B at Euribor plus 375-400 bps

By Sara Rosenberg

New York, June 18 – Prosol (ZF Invest) launched on Friday its €1,382,300,000 seven-year covenant-lite term loan B with price talk of Euribor plus 375 basis points to 400 bps with a 0% floor and an original issue discount of 99.5, according to a market source.

Included in the term loan is 101 soft call protection for six months and an ESG ratchet subject to certain KPIs.

The company’s €1,632,300,000 of credit facilities also provide for a €250 million 6.5-year revolver.

Barclays, BNP Paribas and Credit Agricole are the joint physical bookrunners on the deal. ING, Morgan Stanley and Natixis are joint bookrunners. Natixis is the agent.

Commitments are due at 7 a.m. ET on July 1.

Proceeds will be used to refinance existing debt, to repay a portion of the existing convertible bonds, to buy back certain preferred shares and for general corporate purposes.

Prosol is a multichannel specialized food retailer.

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