French medical supplies specialist Nemera is preparing to repay its syndicated term loan with private credit debt from a club of lenders, according to market sources.
Goldman Sachs Asset Management as the lead lender, followed by Blue Owl and two more private lenders, have offered an €820 million covenant-lite unitranche loan priced around E+475-500. Banks will also provide a senior-secured revolving credit facility.
The company — which is rated B-/B3 for issuer and issue, with stable outlooks on both and a 3 recovery rating — has significant capex needs, sources said.
Nemera was last in the loan market in June 2024, when it wrapped the repricing of its €625 million term loan due January 2029 at the tight end of revised talk, at E+425 and par. HSBC and Natixis led a group as physical bookrunners. The deal repriced the group’s loan from E+500. Nemera also repriced a $75 million dollar term loan to S+450 at par, from S+500. The repriced loans came with six months of reset soft-call protection at 101 and a six-month reset margin-ratchet holiday.
The firm is an Astorg-backed developer of drug delivery devices, and its euro loan dates from a €525 million extension priced in December 2023 that was then increased in April 2024.
ING and UniCredit were passive bookrunners on the new deal. Natixis was agent.
Nemera develops devices such as insulin injectors, asthma inhalers, nasal sprays and eye-droppers.
IronHeart/Getty Images
Learn more about our editorial standards.
