Syntegon guides dividend recap term loan at E+400-425

Syntegon Technology GmbH has announced price talk on a €1.03 billion TLB, with the seven-year facility guided at E+400-425 with a 0% floor, offered at 99.5. At these terms, the transaction will yield 4.15%-4.41% to maturity.

The deal launched with a lender meeting earlier today. Commitments are due at noon London time Nov. 19 via global coordinators Deutsche Bank and UniCredit, and joint bookrunners ABN Amro, Commerzbank, ING, Mizuho, NatWest, Barclays, HSBC and J.P. Morgan.

The facility, which will be issued under the borrower name Platin2025 SARL, will be covenant-lite and carry six months of 101 soft call protection.

Proceeds will be used to refinance the firm's existing payment-in-kind facility and fund a shareholder distribution.

B/B2 rated Syntegon, formerly known as Bosch Packaging Technology, was bought out by CVC in 2019, backed by equity. The firm develops, manufactures and supplies processing and packaging solutions for pharmaceuticals, food, confectionery and other industries.