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Sebia lifts U.S. term loan to $250 million, euro to €900 million
By Sara Rosenberg
New York, Dec. 1 – Sebia upsized its U.S. covenant-lite term loan B due December 2027 to $250 million from $225 million and its euro covenant-lite term loan B due December 2027 to €900 million from €890 million, according to a market source.
Pricing on the U.S. term loan is SOFR plus 475 basis points with a 0% floor, no CSA and an original issue discount of 97, and pricing on the euro term loan is Euribor plus 475 bps with a 0% floor and a discount of 98.
Both term loans have 101 soft call protection for six months.
Previously in syndication, pricing on the term loans firmed at the high end of the SOFR/Euribor plus 450 bps to 475 bps talk, the discount on the U.S. term loan was set at the wide end of the 97 to 98 talk and the discount on the euro term loan firmed at the tight end of the 97 to 98 talk.
Nomura is the sole global coordinator and physical bookrunner on the deal. BNP Paribas Securities Corp., Credit Agricole, Deutsche Bank Securities Inc., HSBC and Natixis are joint bookrunners and mandated lead arrangers. Natixis is the agent.
Proceeds will be used to extend an existing U.S. term loan due 2024 that is priced at Libor plus 325 bps, an existing euro term loan due 2024 that is priced at Euribor plus 275 bps and an existing euro term loan due 2024 that is priced at Euribor plus 350 bps, and to add cash to the balance sheet. There will be no December 2024 stub loans left as they will be repaid, the source added.
The sponsors are CVC, CDPQ and Tethys Investment.
Sebia is a France-based multi-specialty in-vitro diagnostics company focusing on oncology, genetic hemoglobin and metabolic disorders.
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