Action to launch minimum €1.5 billion term loan B-3 on Thursday

By Sara Rosenberg

New York, April 12 – Action (Peer Holding III BV) is scheduled to hold a global lender call at 5 a.m. ET on Thursday to launch a minimum €1.5 billion term loan B-3 due September 2028, according to a market source.

BNP Paribas Securities Corp., Deutsche Bank Securities Inc., ING, JPMorgan Chase Bank and Rabobank are the joint global coordinators and physical bookrunners on the deal. ABN Amro, BofA Securities Inc., Barclays, Citigroup Global Markets Inc., Credit Agricole, Goldman Sachs, Natixis, RBC Capital Markets and SMBC are joint bookrunners. Rabobank is the administrative agent.

The term loan has a 0% floor and 101 soft call protection for six months, the source said.

Pricing on the term loan will be subject to a ratchet based on leverage.

Spread and original issue discount talk are not yet available.

Commitments are due at 11 a.m. ET on April 20, the source added.

Proceeds will be used to amend and extend an existing term loan B-1 due March 2025 and to pay transaction fees and expenses.

3i is the sponsor.

Action is a non-food discount retailer in Continental Europe.

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