Asda finalizes €845 million term loan B issue price at par

By Sara Rosenberg

New York, Feb. 10 – Asda (Bellis Acquisition Co. plc) firmed the issue price on its €845 million five-year covenant-lite term loan B (Ba2//BB) at par, the tight end of revised talk of 99.5 to par and tighter than initial talk of 99.5, according to a market source.

Pricing on the term loan is Euribor plus 275 basis points with a 0% floor.

The term loan has 101 soft call protection for six months, the source said.

Earlier in syndication, pricing on the term loan was lowered from revised talk of Euribor plus 300 bps and initial talk of Euribor plus 325 bps.

Barclays is the lead left bookrunner. Deutsche Bank and Morgan Stanley are the joint physical bookrunners. BofA Securities Inc., Lloyds, Rabobank and HSBC are the joint mandated lead arrangers and bookrunners. And, Bank of China, Intesa Sanpaolo, Commerzbank, NatWest and SMBC are mandated lead arrangers. Barclays is the administrative agent.

Proceeds will be used with bonds and equity to fund the acquisition of the company by the Issa brothers and TDR Capital from Walmart Inc.

Asda is a Leeds, U.K.-based supermarket chain.

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