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WSH Services finishes pricing on amended £589 million term loan
Chicago, April 25 – WSH Services Holding Ltd. officially priced the amendment and extension of its £589 million term loan B on Thursday, according to a source.
Final terms were unchanged from where they had settled on Wednesday.
The amended loan is priced at Sonia plus 550 basis points, discounted to 99.5. There is no floor.
Price talk was for a discount of 98.75 to 99. The margin is unchanged from when the deal launched.
The term loan has 101 soft call protection for six months.
HSBC and UBS Investment Bank are the global coordinators and physical bookrunners on the deal. SMBC is a lead arranger and physical bookrunner. BNP Paribas, Credit Agricole CIB, Goldman Sachs, ING, Investec, NatWest and Rabobank were listed as joint bookrunners.
HSBC will be the administrative agent.
Proceeds will be used to amend, extend and refinance existing sterling and euro term loan Bs and a second-lien term loan, to redeem £50 million of preference shares and to pay fees and expenses.
CD&R is the sponsor.
WSH is a contract catering and hospitality services group.
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