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Caldic prices €200 million add-on term loan B at 92.5 OID
By Sara Rosenberg
New York, Nov. 10 – Caldic BV (Pearls (Netherlands) Bidco BV) priced on Thursday a fungible €200 million add-on covenant-lite term loan B due February 2029 (B1/B+) at Euribor plus 350 basis points with a 0% floor and an original issue discount of 92.5, according to a market source.
The add-on term loan has a ticking fee of half the margin from days 31 to 60 and the full margin thereafter.
BNP Paribas Securities Corp. is the bookrunner on the deal.
Proceeds will be used to fund the merger of Caldic, an Advent International portfolio company, with Connell, a Wilbur-Ellis company, and fund acquisition activity.
Closing is expected in the first quarter of 2023, subject to customary conditions and regulatory approvals.
Caldic and Connell are providers of life sciences and specialty chemicals solutions.
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