Element seeks add-on with flexible covs

Element Materials Technology, the UK materials testing company owned by Bridgepoint, was looking for a small loan extension this week, and seeking consent from its investors for higher leverage ratios under the loan covenants.

  • By Victor Jimenez
  • 03 Dec 2018

Element plans to grow its €204m term loan by $80m-equivalent, with price talk of 99.75. Proceeds will be used to repay drawings under its capex facility.

The original loans, rated B1/B by Moody’s and S&P Global, have a margin of 325bp over Euribor and mature in 2024. ...

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1 BNP Paribas 19,499.99 93 7.55%
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3 Deutsche Bank 15,791.27 59 6.11%
4 Credit Agricole CIB 14,661.68 71 5.67%
5 Goldman Sachs 14,186.11 61 5.49%

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1 Goldman Sachs 5,527.11 43 7.79%
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3 Deutsche Bank 4,372.15 44 6.17%
4 JPMorgan 4,226.28 46 5.96%
5 Credit Suisse 3,757.05 40 5.30%

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1 JPMorgan 19,901.51 153 10.02%
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3 Credit Suisse 13,745.94 98 6.92%
4 Bank of America Merrill Lynch 13,267.41 122 6.68%
5 Morgan Stanley 12,977.13 92 6.53%