Axalta Coating Systems Dutch Holding refinanced its credit facility with a $2.43 billion term loan due June 2024. According to a related 8-K filing, Barclays served as administrative agent for the transaction.

The term loan will be used to refinance Axalta’s $1.95 billion million term loan due June 2024 and its €395 million ($486 million) term loan due February 2023.

The interest rate applicable to the new term loans is, at the borrowers’ option, the adjusted Eurocurrency rate (plus 1.75%) or the base rate (plus 0.75%).

The amendment provides for a reset of the prepayment premium of 101% on certain prepayments and amendments of borrowings under the credit agreement in connection with a re-pricing event within six months of entrance into amendment.

Concurrently, Axalta Coating entered into cross currency swaps which swapped $475 million of the new term loans, which have variable interest rates, into Euro fixed rate indebtedness totaling €387.2 million at an interest rate of approximately 1.95%. The swaps mature on March 31, 2023.