9 Feb, 2021

Lummus Technology completes $1.047B term loan repricing; terms

Investors today received allocations of Lummus Technology LLC's repriced $1.047 billion covenant-lite first-lien term loan due June 2027 that priced at talk in a Credit Suisse-led transaction, according to sources. Pricing was finalized at L+350 with a 0% Libor floor and an issue price of par. With this transaction, the issuer will lower the spread on the loan from L+400. Lummus, backed by Rhone Capital and The Chatterjee Group, is a developer and licensor of technologies for the refining and petrochemical industries as well as a supplier of catalysts and proprietary equipment. Terms:

Borrower Lummus Technology (Illuminate Buyer LLC)
Issue $1.047 billion first-lien term loan
UoP Repricing
Spread L+350
Libor floor 0%
Price 100
Tenor June 2027
YTM 3.75%
Four-year yield 3.75%
Call protection 101 soft call reset for 6 months
Corporate ratings B+/B2
Facility ratings B+/B1
Recovery ratings 3
Financial covenants None
Arrangers CS
Admin agent CS
Px Talk L+350/0%/100
Sponsor Rhone Capital/Chatterjee Group
Notes