Minimax pulls $590 million, €506 million term loans repricing

By Sara Rosenberg

New York, Feb. 27 – Minimax Viking withdrew the repricing of its $590 million covenant-lite term loan B (B1/B+) due July 2025 and €506 million covenant-lite term loan B (B1/B+) due July 2025, according to a market source.

The U.S. term loan was talked at Libor plus 225 basis points with a 0.75% Libor floor and a par issue price, and the euro term loan was talked at Euribor plus 250 bps with a 0% floor and a par issue price.

Included in the U.S. term loan was a step-up to Libor plus 250 bps at 4x leverage and a step-down to Libor plus 200 bps at less than 3x leverage, and the euro term loan had a step-up to Euribor plus 275 bps at 4x leverage and a step-down to Euribor plus 225 bps at less than 3x leverage.

The term loans were also talked with 101 soft call protection for six months.

Deutsche Bank was the global coordinator and physical bookrunner on the deal.

Currently, the U.S. term loan pricing grid is Libor plus 300 bps at 4x leverage, Libor plus 275 bps at 3x to 4x leverage and Libor plus 250 bps at less than 3x leverage, and the current euro term loan pricing grid is Euribor plus 325 bps at 4x leverage, Euribor plus 300 bps at 3x to 4x leverage and Euribor plus 275 bps at less than 3x leverage.

Minimax is a Bad Oldesloe, Germany-based fire protection company.

© 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.