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WSH Services finalizes pricing on £589 million term loan at Sonia plus 550 bps, 99.5 OID
By Paul A. Harris
Portland, Ore., April 24 – WSH Services Holding Ltd. finalized pricing on its £589 million term loan B due April 2031 at Sonia plus 550 basis points and an original issue discount of 99.5, according to a market source.
Recommitments were due Wednesday afternoon, U.K. time.
The final price comes rich to the 98.75 to 99 price talk.
The term loan has 101 soft call protection for six months.
There is no floor.
HSBC and UBS Investment Bank are the global coordinators and physical bookrunners on the deal. SMBC is a lead arranger and physical bookrunner. NatWest, Goldman Sachs, ING, Investec and Rabobank are joint bookrunners.
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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