April firms €1.2 billion term loan B at Euribor plus 400 bps

By Sara Rosenberg

New York, March 5 – April (Athena Bidco SAS) set pricing on its €1.2 billion seven-year term loan B at Euribor plus 400 basis points, the low end of the Euribor plus 400 bps to 425 bps talk, according to a market source.

Also, the original issue discount talk on the term loan was changed to a range of 99.75 to par from 99.5, the source said.

The term loan still has a 0% floor and 101 soft call protection for six months.

KKR Capital Markets, HSBC and Nomura are the joint physical bookrunners on the deal.

Commitments continued to be due at noon ET on Wednesday, the source added.

Proceeds will be used to refinance existing debt, finance the acquisition of DLPK Group and pay transaction related expenses.

Closing on the acquisition is expected in the second quarter, subject to regulatory approval and completion of the applicable legal and labour procedures.

KKR is sponsor.

April is France’s largest wholesale insurance broker. DLPK is a player in the fields of savings and asset management.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.