Uber tightens $1.1 billion term loan due 2027 OID to 99.875

By Sara Rosenberg

New York, Feb. 19 – Uber Technologies Inc. revised the original issue discount on its $1,101,125,000 covenant-lite term loan B due February 2027 to 99.875 from talk in the range of 99.5 to 99.75, according to a market source.

Pricing on the 2027 term loan remained at Libor plus 350 basis points with a 0% Libor floor.

The company is also getting a $1,462,500,000 covenant-lite term loan B due April 4, 2025 that priced in line with talk at Libor plus 350 bps with a 0% Libor floor and a par issue price.

The term loans have 101 soft call protection for six months and amortization of 1% per annum.

Morgan Stanley Senior Funding Inc. is the left lead arranger on the deal (B+).

Commitments continued to be due at noon ET on Friday, the source added.

Proceeds will be used to reprice an existing $1,462,500,000 term loan B due 2025 and extend the maturity of an existing $1,101,125,000 term loan B due 2023 to 2027.

As part of this transaction, agency on the 2025 term loan B will be transferred to Morgan Stanley from AlterDomus. Morgan Stanley will remain the agent on the 2027 term loan B.

Uber is a San Francisco-based online transportation network company.

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