Masorange releases talk on €1.5 billion equivalent term loan B

By Sara Rosenberg

New York, April 9 – Masorange (Lorca Finco plc) released price talk on its €1.5 billion equivalent U.S and euro seven-year covenant-lite term loan B (Ba3/BB+/BB+) with its lender call on Tuesday, according to a market source.

The U.S. term loan is talked at SOFR plus 350 basis points with a 0% floor and an original issue discount of 99.5, and the euro term loan is talked at Euribor plus 350 bps to 375 bps with a 0% floor and a discount of 99.5, the source said.

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

The total term loan amount includes a roughly €190 million pre-placement.

BofA Securities Inc. and BNP Paribas Securities Corp. are the joint global coordinators on the deal. BofA Securities and BNP Paribas are the physical bookrunners on the U.S. loan, and BNP Paribas, BofA Securities, BBVA and Natixis are the physical bookrunners on the euro loan. Caixa, Credit Agricole, Credit Suisse, Goldman Sachs, ING, Intesa, JPMorgan Chase Bank, Mizuho, Santander, SMBC and Societe Generale are passive bookrunners. Kroll Agency Services is the agent.

Commitments are due at noon ET on April 18.

Proceeds will be used with other secured debt with an expected five-year tenor to be incurred concurrently, a €4.35 billion drawn term loan A and €121 million of cash from the balance sheet to refinance the drawn facilities that funded a €6.1 billion payment upstreamed to the shareholders at closing of the formation of Masorange, a joint venture of Orange Spain and MasMovil.

Masorange is a mobile and fixed telecom company in Spain.

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