CeramTec achieves last-minute reverse flex before allocation

CeramTec
By Olivier Holmey
29 Jul 2013

CeramTec, the German ceramic manufacturer, reverse-flexed its new transatlantic covenant-lite debt package on Monday (July 29). The leads also changed the term loan ‘B’ structure to feature dollars more heavily than euros.

The revised deal will include a term loan ‘B’ split between $472.5m in dollars and €291.3m in euros. Originally, the €647m-equivalent term loan was to be divided roughly evenly between the two currencies.

The dollar tranche will price at 325bp over Libor, after being marketed at 400bp-425bp originally. The ...

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