Action talks €1.5 billion term loan B-3 at Euribor plus 375-400 bps

By Sara Rosenberg

New York, April 13 – Action (Peer Holding III BV) launched its minimum €1.5 billion term loan B-3 due September 2028 (Ba3/BB-) with price talk of Euribor plus 375 basis points to 400 bps with a 0% floor and an original issue discount of 98.5, according to a market source.

The term loan has a one 25 bps step-up and one 25 bps step-down based on leverage, with a six months ratchet holiday, the source said.

In addition, the term loan has 101 soft call protection for six months.

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.

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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