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Constellium Said to Set Rate on $460 Million of Dividend Loans

Constellium Holdco, the Apollo Global Management-controlled manufacturer of specialty aluminum products, set the rate on $460 million in term loans to refinance debt and support a shareholder payout, according to a person with knowledge of the matter.

A $360 million term slice, due in 2020, will pay interest at 5 percentage points more than the London interbank offered rate with a 1.25 percent minimum on the lending benchmark, said the person, who asked not to be identified because the terms are private. A 75 million euro portion, also coming due in seven years, will pay interest at 5.5 percentage points more than Libor said the person, who asked not to be identified because the terms are private.

Constellium may sell the debt at 99 cents on the dollar, reducing proceeds for the borrower and boosting the yield for investors, said the person

Deutsche Bank AG is arranging the transaction, which requires the company pay a premium of two cents and one cent to reprice the debt in the second and third years, respectively, the person said. The loan is not callable in its first year.

Standard & Poor’s confirmed its B corporate credit rating on the company and assigned a B grade to the proposed loan, the ratings firm said in a March 1 report. Moody’s Investors Service raised its grade on the company to B1 from B2 and gave the proposed debt a B1 rating.

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