NielsenIQ sets talk on $1.98 billion of U.S. and euro term loans

By Sara Rosenberg

New York, Jan. 31 – NielsenIQ released price talk on its $1.475 billion incremental term loan B due March 2028 (B2) and $500 million equivalent euro incremental term loan B due March 2028 (B2) in connection with its lender call on Tuesday, according to a market source.

The U.S. term loan is talked at SOFR plus 600 basis points with a 0.5% floor and an original issue discount of 92 to 93, and the euro term loan is talked at Euribor plus 600 bps with 25 bps step-downs at 0.5x and 1x inside opening first-lien net leverage, a 0% floor and a discount of 92 to 93, the source said.

Both term loans have 101 soft call protection for six months.

JPMorgan Chase Bank, UBS Investment Bank, BofA Securities Inc., BMO Capital Markets, BNP Paribas Securities Corp., Fifth Third, HSBC Securities, MUFG, RBC Capital Markets, Standard Chartered and Santander are the bookrunners on the deal. BofA is the agent.

Commitments for the U.S. term loan are due at 5 p.m. ET on Feb. 9, and commitments for the euro term loan are due at noon ET on Feb. 9.

Proceeds will be used to fund the acquisition of GfK SE, to repay revolving credit facility borrowings and for general corporate purposes.

Advent International will be the majority shareholder in the combined company, while Nuremberg Institute for Market Decisions and KKR will remain invested as significant shareholders in the combined company. Advent acquired NielsenIQ in a transaction that closed in 2021. Nuremberg Institute and KKR are current investors in GfK.

Closing is expected early this year, subject to customary conditions.

NielsenIQ is a Chicago-based information services company. GfK is a provider of data and insights to drive marketing, sales and organizational effectiveness.

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