Masorange launches fungible euro term loan B at 99.75 OID

By Sara Rosenberg

New York, April 29 – Masorange (Lorca Finco plc) launched on Monday a fungible euro seven-year covenant-lite term loan B (Ba3/BB+/BB+) that is talked with an original issue discount of 99.75, according to a market source.

Pricing on the euro term loan is Euribor plus 350 basis points with a 0% floor, in line with existing term loan B pricing.

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

BofA Securities Inc. and BNP Paribas Securities Corp. are the physical bookrunners on the deal. Credit Agricole, Natixis and Santander are passive bookrunners. Kroll Agency Services is the agent.

Proceeds will be used with cash on the balance sheet to partially amend and extend the company’s existing term loan B-1 due September 2027 that is priced at Euribor plus 425 bps.

Commitments are due at 5 a.m. ET on Friday, the source added.

Masorange is a mobile and fixed telecom company in Spain.

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