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kdc/one increases euro term loan amount to €460 million
By Sara Rosenberg
New York, Aug. 3 – kdc/one upsized its euro five-year first-lien term loan to €460 million from a revised amount of €440 million and an initial size of roughly $400 million equivalent, with the latest upsize being used to fund original issue discount, according to a market source.
Pricing on the euro term loan is Euribor plus 525 basis points with a 0% floor and an original issue discount of 97.
The company is also getting a $360 million five-year revolving credit facility and a $1.005 billion five-year first-lien term loan.
Pricing on the U.S. term loan is SOFR plus 500 bps with a 0% and an original issue discount of 97.
Both term loans (B3/B-/B) have 101 soft call protection for six months.
Earlier in syndication, the U.S. term loan was upsized from $600 million and pricing was lowered to SOFR plus 475 bps but then moved back to the original talk of SOFR plus 500 bps, pricing on the euro term loan was reduced to Euribor plus 500 bps and then moved back to the original talk of Euribor plus 525 bps, the discount on both term loans firmed at the tight end of the 96 to 97 talk, and the company terminated plans for a $500 million senior secured notes offering.
UBS Investment Bank, Morgan Stanley Senior Funding Inc., BMO Capital Markets, JPMorgan Chase Bank, Goldman Sachs Bank USA, Deutsche Bank Securities Inc., Citizens, Natixis, RBC Capital Markets and KKR Capital Markets are the arrangers on the deal.
Proceeds will be used to refinance its existing first-lien credit facilities.
KDC US Holdings Inc. is the U.S. borrower, and kdc/one Development Corp. Inc. is the Canadian borrower.
kdc/one is a Longueuil, Quebec-based provider of value-added solutions to brands in the home care and beauty and personal care categories.
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