Refresco lifts U.S. and euro loans to $1.81 billion, €1.67 billion

By Sara Rosenberg

New York, Jan. 26 – Refresco Group BV (Pegasus Bidco BV) upsized its U.S. first-lien term loan B due July 2029 to $1.814 billion from $1.594 billion and its euro first-lien term loan B due July 2029 to €1.665 billion from €1.53 billion, according to a market source.

Also, pricing on the euro term loan B firmed at Euribor plus 375 basis points, the low end of revised talk of Euribor plus 375 bps to 400 bps and down from initial talk of Euribor plus 400 bps, the source said.

Pricing on the U.S. term loan B remained at SOFR plus 375 bps with a 0.5% floor and a par issue price, and the euro term loan still has a 0% floor and a par issue price.

Both term loans have 101 soft call protection for six months.

JPMorgan Chase Bank is the left lead on the U.S. loan and KKR Capital Markets is a physical bookrunner, and Goldman Sachs, JPMorgan, KKR and Rabobank are the physical bookrunners on euro loan. ABN Amro, Commerzbank, ING and Morgan Stanley are passive bookrunners. JPMorgan is the administrative agent.

Recommitments for the U.S. term loan were scheduled to be due at 11 a.m. ET on Friday, the source added.

Proceeds will be used to reprice existing U.S. and euro term loans, and the funds from the upsizings will be used to repay a sterling term loan B.

Refresco is a Rotterdam, the Netherlands-based beverage producer.

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