Bookrunners across the whole facility are
The initial flex request was for the €100m PIK loan to be removed and €25m added to the second lien, increasing that tranche to €325m, and €75m split equally between B&C tranches, increasing each of them to €622.5m. Pricing was also flexed down by 25bp on the A tranche and the revolver, by 12.5bp on the B and C tranches and by 62.5bp on the second lien.
This new flex request is for pricing on the B and C tranches to be cut by a further 12.5bp and for banks to re-bid the second lien pricing.
If the flex is approved, the new facility will be made up of a €125m seven-year revolver at 200bp over Euribor, a €175m seven-year capex facility at 200bp, a €200m seven-year term loan A at 200bp, a €622.5m eight-year term loan B at 212.5bp over Euribor, a €622.5m nine year term loan C with a 237.5bp margin and a €325m 9-1/2 year second lien, pricing of which will be determined.