Swissport to launch €1.2 billion equivalent U.S., euro term B Tuesday

By Sara Rosenberg

New York, March 18 – Swissport is scheduled to hold a lender call at 9 a.m. ET on Tuesday to launch a €1.2 billion equivalent U.S. and euro seven-year term loan B, with the U.S. piece having a minimum size of $500 million, according to a market source.

JPMorgan Chase Bank is the physical bookrunner on the U.S. term loan. Barclays, BofA Securities Inc. and JPMorgan are the physical bookrunners on the euro term loan. Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc. and UBS Investment Bank are the senior joint bookrunners, and Goldman Sachs, Natixis, NatWest, RBC Capital Markets and Santander are joint bookrunners. JPMorgan is the administrative agent.

Talk on the U.S. and euro term loans is SOFR/Euribor plus 450 basis points to 475 bps with a 0% floor and an original issue discount of 98 to 98.5, the source said.

Both term loans have 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on March 26 for the U.S. term loan and at 1 p.m. ET on March 26 for the euro term loan, the source added.

Proceeds will be used to repay existing debt, fund a capital return to shareholders, add cash to the balance sheet, and pay transaction related fees and expenses.

Radar Bidco Sarl is a borrower under both term loans, and Swissport Stratosphere USA LLC is a borrower on the U.S. term loan.

Swissport is a Zurich-based provider of mission critical airport handling services.

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