Investors win out with better terms on both Materis subsidiaries deals
Two subsidiaries of Materis, the French, Wendel-owned building materials firm, increased margins on €432m of term loan ‘B’s as part of a refinancing, in the first signs of successful push-back from investors after weeks of borrower-friendly terms on new issues.
Materis Paints, the French decorative paints business reduced the size of its seven year term loan ‘B’ from €292m to €267m.
The borrower then widened pricing to 475bp over Euribor on the term loan. The deal had been guided at 425bp....