UPDATE 4: Beauparc Prices €555M 7Y TLB at 99.5, E+375 Bps

UPDATE 4: 12:08 p.m. ET 7/23/2021: Beauparc has priced and allocated its €555 million seven-year term loan B at 99.5 with a margin of Euribor+375 bps, sources told Reorg.

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UPDATE 3: Beauparc Upsizes TLB by €30M to €555M, Sets Margin at E+375 Bps, OID at 99.5; Reconfirmations Due by 1 pm BST July 23

UPDATE 3: 6:38 a.m. ET 7/23/2021: Beauparc has increased the size of its term loan by €30 million to €555 million with incremental proceeds expected to be used as cash on the company’s balance sheet, sources told Reorg.

The margin has been set at Euribor+375 bps compared with price talk in the E+375 bps to E+400 bps range. The OID is unchanged at 99.5, and there is a 0% floor on the facility.

Reconfirmations are due by 1 p.m. BST today, with pricing and allocation expected thereafter.

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UPDATE 2: Beauparc Overhauls Documentation for €525M TLB After Pushback, Amends Margin Ratchet, Ticking Fee, Restricted Payment Capacity

UPDATE 2: 5:23 a.m. ET 7/23/2021: Beauparc has amended the documentation for its €525 million term loan B in the face of pushback, sources told Reorg. Investors had complained about the absence of a ticking fee and very generous restricted payment baskets. They had also highlighted that the margin ratchet included three step downs as opposed to the usual two featured in most deals, and that it was based on less deleveraging than the market average.

The margin ratchet has now been amended to two step downs of 25 bps each at senior secured net leverage of 3.8x and 3.5x compared with the company’s starting leverage of 4.3x.

The ticking fee is now 0% from days zero to 45, 50% of the margin from days 46 to 90, and 100% of the margin from day 91 onwards.

In terms of restricted payment capacity, the general basket was reduced to 20% of EBITDA. The asset sale proceeds ratchet has been removed and the inside maturity basket has been reduced to 25% of EBITDA.

Price talk for the term loan B is still at 99.5 with margin in the Euribor+375 bps to E+400 bps range. Final pricing is expected today.

-- Beatrice Mavroleon

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UPDATE 1: Price Talk for Beauparc €525M 7Y TLB at 99.5, Margin in E+375-400 Bps Range

UPDATE 1: 5:35 a.m. ET 7/13/2021: Price talk for Beauparc’s seven-year €525 million term loan B is at 99.5 with margin in the Euribor+375 bps to E+400 bps range, sources told Reorg.

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Original Story 3:53 a.m. UTC on July 12, 2021

Primary: Beauparc Launches €525M TLB to Support Acquisition by Macquarie; Lender Call July 13