Action’s €2.5 billion term loan B-3 prices at Euribor plus 375 bps, OID of 98.5

By Sara Rosenberg

Portland, Ore., April 21 – Action (Peer Holding III BV) priced its upsized €2.5 billion term loan B-3 due September 2028 (Ba3/BB-) with a 375 basis points spread to Euribor at 98.5 on Friday, and the deal allocated, according to a market source.

The loan size increased from €1.5 billion minimum.

The spread came at the low of the Euribor plus 375 bps to 400 bps talk.

The term loan has one 25 bps step-up and one 25 bps step-down based on leverage, with a six-month ratchet holiday, a 0% floor and 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.

Proceeds will be used to amend and extend an existing term loan B-1 due March 2025, for general corporate purposes 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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