Action lifts term B-4 to $1.5 billion, flexes to SOFR plus 325 bps

By Sara Rosenberg

New York, Oct. 18 – Action Holding BV (Peer Holding III BV/Peer USA LLC) upsized its seven-year term loan B-4 to $1.5 billion from $1 billion and reduced pricing to SOFR plus 325 basis points from SOFR plus 350 bps, according to a market source.

In addition, the original issue discount on the term loan was tightened to 99.25 from 99, the source said.

The term loan still has a 0% floor and 101 soft call protection for six months.

Bank of America, Barclays and Deutsche Bank are the left lead global coordinators and lead arrangers, with Bank of America the primary left lead. BNP Paribas, Citigroup, Rabobank and Goldman Sachs are global coordinators and lead arrangers. ABN Amro, Credit Agricole, Natixis, RBC and SMBC are lead arrangers. Rabobank is the administrative agent.

Commitments continued to be due at 5 p.m. ET on Wednesday, the source added.

Proceeds will be used with some surplus cash on the balance sheet to fund a financing-related distribution and/or share buyback, to pay transaction fees and expenses, and to put cash on the balance sheet of the group and/or for general corporate purposes.

Action is a non-food discount retailer in Europe.

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