CeramTec lets rating slip to fill M&A warchest
BC Partners-owned advanced ceramics company CeramTec has issued an add-on to its term loan 'B', raising another €175m — enough to push its senior secured rating down into the single-B category. But the opportunistic move to raise new cash will give the company firepower for future M&A.
Commitments were due on Thursday for the €175m add-on loan, which will take the company’s TLB facility from €1.02bn to €1.196bn. Talk is 97-97.5 OID, with the margin matching the original facility at 250bp.
Bank of America, Morgan Stanley and JP Morgan are running the deal.Fitch had ...