P&I prices €475 million term loan B at Euribor plus 325 bps at par

By Paul A. Harris

Portland, Ore., Feb. 14 – P&I (Athena Bidco GmbH) priced its €475 million seven-year covenant-lite term loan B with a 325 basis points spread to Euribor at par, according to a market source.

The deal allocated.

The spread came tighter than the 350 bps to 375 bps spread talk. The issue price came at the rich end of the revised 99.75 to par price talk; earlier talk was 99.5.

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

Credit Suisse and UniCredit are the physical bookrunners on the deal. Mizuho and NatWest are passive bookrunners. UniCredit is the facility agent.

Proceeds will be used to support the buyout of P&I by HG Capital.

P&I is a provider of HR software solutions.

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