Swissport updates talk on €1.2 billion equivalent U.S., euro term B

By Sara Rosenberg

New York, March 25 – Swissport revised price talk on its €1.2 billion equivalent U.S. and euro seven-year term loan B (B2/B+/BB+) to SOFR/Euribor plus 450 basis points from talk in the range of SOFR/Euribor plus 450 bps to 475 bps, according to a market source.

Also, the original issue discount talk on the U.S. and euro term loan was changed to a range of 98.5 to 99 from a range of 98 to 98.5, the source said.

The U.S. and euro term loan still has a 0% floor and 101 soft call protection for six months, and the U.S. portion still has a minimum size of $500 million.

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.

Commitments continue to be due at 5 p.m. ET on Tuesday for the U.S. term loan and at 1 p.m. ET on Tuesday 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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