April finalizes €1.2 billion term loan B at par issue price

By Sara Rosenberg

New York, March 6 – April (Athena Bidco SAS) firmed the issue price on its €1.2 billion seven-year term loan B at par, the tight end of revised talk of 99.75 to par and tighter than initial talk of 99.5, according to a market source.

Pricing on the term loan is Euribor plus 400 basis points with a 0% floor, and the debt has 101 soft call protection for six months.

Previously in syndication, the spread on the term loan was set at the low end of the Euribor plus 400 bps to 425 bps talk.

KKR Capital Markets, HSBC and Nomura are the joint physical bookrunners on the deal. Barclays, BNP Paribas, ING, Natixis and SMBC are joint bookrunners. Natixis is the agent.

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 the sponsor.

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

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