Accell Group finalizes €700 million term loan at 94 OID

By Sara Rosenberg

New York, Sept. 15 – Accell Group firmed the original issue discount on its €700 million seven-year term loan (B1/B) at 94, the tight end of the 93 to 94 talk, according to a market source.

Pricing on the term loan remained at Euribor plus 500 basis points.

The term loan has 101 soft call protection for six months.

Goldman Sachs, KKR Capital Markets, ABN Amro, ING and Mizuho are the physical bookrunners on the deal. Rabobank and SMBC are bookrunners, and Deutsche Bank, Shinhan and Raiffeisen are mandated lead arrangers.

Proceeds will be used with €1.15 billion of equity to fund the buyout of the company by a consortium led by Kohlberg Kravis Roberts & Co. LP for €58 per share, representing a total consideration of about €1.56 billion.

Accell is a Heerenveen, the Netherlands-based manufacturer of bicycles, bicycle parts and accessories.

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