Edilians prices €685M loan recap; terms

Edilians has priced its €685 million term loan recapitalization in line with final terms given earlier this week, at E+350 with a 0% floor offered at 99.5. Barclays and Credit Suisse were physical bookrunners. The deal is now free to trade, and broke in a 99.750/100.125 market, according to sources.

Final terms compare with guidance given at launch of a €660 million term loan at E+400-425 with a 0% floor offered at 99.5. The deal was then increased by €25 million to €685 million, and tightened to E+375 with a 0% floor at 99.5 before final pricing emerged earlier this week. The transaction comes with a six-month margin ratchet holiday and six months of soft-call protection at 101.

Barclays, Credit Suisse, Goldman Sachs, NatWest Markets and RBI are mandated lead arrangers on the deal.

Proceeds refinance the firm's first- and second-lien loans, and fund a dividend. The increase boosts the dividend element of the deal and takes total leverage to roughly 5.1x, from 4.9x guided at launch, according to sources. A €90 million revolver rounds out the debt.

Lone Star-backed Edilians is the leading manufacturer of clay roof tiles, and was formerly known as Imerys Toiture. Terms: