Emeria lifts term loan B to €550 million, changes OID to 95.5

By Sara Rosenberg

New York, Nov. 22 – Emeria SASU upsized its non-fungible add-on covenant-lite term loan B due March 27, 2028 (B2/B/B+) to €550 million from a revised amount in the morning of €400 million and an initial size of €300 million, according to a market source.

Also, the original issue discount on the add-on term loan firmed at 95.5, the tight end of revised talk of 95 to 95.5 that emerged in the morning, and tighter than initial talk in the range of 94 to 95, the source said.

Pricing on the add-on term loan is unchanged at Euribor plus 525 basis points with a 0% floor.

The add-on term loan still has 101 soft call protection for six months.

BNP Paribas, Credit Agricole and Natixis are the joint physical bookrunners on the deal. ING and UniCredit are passive bookrunners. Natixis is the agent.

Allocations went out on Tuesday, the source added.

Proceeds will be used to help fund the acquisition of FirstPort, a U.K. residential property services company, from Equistone Partners Europe Ltd.

Emeria is a European residential real estate services provider.

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