BRIEF-Chorus Aviation delivers third new Bombardier CRJ1000 regional jet to Air Nostrum
* Delivery of a third new Bombardier CRJ1000 regional jet to Air Nostrum, Lineas Aereas Del Mediterraneo, S.A.
NEW YORK Jan 8 DuPont Performance Coatings (DPC) set price talk on its new $2.9 billion LBO loan, sources told Thomson Reuters LPC. The financing package backs DuPont's sale of its car paint business to the Carlyle Group .
The $400 million, five-year multi-currency revolver is talked at LIB+400, with a 100bp up-front fee. The $2.3 billion, seven-year term loan B is talked at 425bp over Libor, with a 1.25 percent Libor floor and a discount of 99 cents on the dollar. The U.S. dollar-denonimated TLB will have 101 soft call protection for one year.
The $200 million-equivalent euro-denominated, seven-year term loan B is talked at approximately 25bp wider than the U.S. dollar TLB. The euro TLB will also boast 101 soft call protection for one year.
Corporate family ratings are B2/B+, while senior secured ratings are B1/B+. The company has a stable outlook. Net senior secured leverage is 4 times. Net total leverage is 5.6 times.
Barclays is lead left on the deal. Citigroup, Deutsche Bank, Credit Suisse, Morgan Stanley, UBS, Jefferies and SMBC join Barclays as lead underwriters.
The loan launched in New York today. The loan will launch in London tomorrow at 12:30 GMT. Commitments are due at 5 p.m. EST on January 17.
The loan will be issued under Flash Dutch 2 B.V. and Coatings Co. U.S. Inc., formerly known as DuPont Performance Coatings.
The loans launched to top tier lenders in September. The facility also includes a $1.4 billion bridge-to-bonds that has been syndicated. The bridge includes an unsecured U.S. dollar tranche of $1.1 billion and a $300 million euro-equivalent secured tranche. DuPont said on August 30 it was selling its car paint business to Carlyle for $4.9 billion in cash. Credit Suisse and Greenhill & Co advised DuPont on the unit sale.
WASHINGTON, June 22 U.S. Trade Representative Robert Lighthizer said on Thursday he would support taking action against U.S. automaker Ford's decision to move some production to China if the shift was because of "non-economic reasons."