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NEP Group floats talk on U.S. and euro term loans with launch
By Sara Rosenberg
New York, June 14 – NEP Group disclosed price talk on its U.S. and euro first-lien term loan debt and U.S. second-lien term loan with its lender call on Wednesday, according to a market source.
The debt is split between a $717,705,729 first-lien term loan due 2022, a €284,287,500 first-lien term loan due 2024, a fungible $50 million equivalent add-on first-lien term loan launched to both U.S. and euro investors, and a $105 million second-lien term loan due 2023.
Talk on the U.S. first-lien term loan is Libor plus 325 basis points with a 1% Libor floor and an original issue discount of 99.75, talk on the euro first-lien term loan is Euribor plus 300 bps with a 0.75% floor and a discount on new money only of 99.75, and talk on the second-lien term loan is Libor plus 700 bps to 725 bps with a 1% Libor floor and a discount of 99.75, the source said.
The first-lien term loans have 101 soft call protection for six months.
Barclays and Morgan Stanley Senior Funding Inc. are the bookrunners on the deal, with Barclays the global coordinator and administrative agent on the first-lien debt and Morgan Stanley the administrative agent on the second-lien loan.
U.S. commitments are due at 5 p.m. ET on June 21 and euro commitments are due at noon ET on June 21, the source added.
Proceeds will be used to reprice the existing euro first-lien term loan and the second-lien term loan, to upsize the first-lien term loan so as to repay a portion of the company’s outstanding second-lien term loan borrowings, and to extend the U.S. first-lien term loan and the second-lien term loan by 2.5 years.
Pro forma net first-lien leverage is 4.3 times, and net total leverage is 4.68 times.
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