Nielsen Holdings, Playa Hotels, Amynta Group free to trade; Sebia shops term loans

By Sara Rosenberg

New York, Nov. 22 – Nielsen Holdings plc (Neptune Bidco US Inc.) upsized its U.S. term loan B and set the original issue discount on the U.S. and its euro term loan B at the wide side of talk, and Playa Hotels & Resorts BV lowered pricing on its term loan B and modified the issue price, and then both of these deals broke for trading on Tuesday.

Also, Amynta Group increased the size of its incremental term loan B, firmed the spread at the high end of guidance and finalized the original issue discount at the tight end of talk before making its way into the secondary market.

In more happenings, Sebia approached lenders with U.S. and euro term loans that would extend maturities on its existing debt.

Nielsen revised

Nielsen Holdings lifted its U.S. term loan B due April 2029 to $2.1 billion from $1.5 billion, and firmed the original issue discount on the tranche, as well as on its minimum €250 million term loan B due April 2029, at 89, the wide end of the 89 to 90 talk, according to a market source.

Furthermore, documentation changes were made, including modifying the 50 bps MFN sunset to two years from one year, reducing the free and clear incremental basket, removing step-downs from the asset sale sweep and revising excess cash flow sweep step-downs, the source said.

Pricing on the U.S. term loan B remained at SOFR+10 basis points CSA plus 500 bps with a 0.5% floor and pricing on the euro term loan is still Euribor plus 500 bps with a 0% floor. Both term loans have 101 soft call protection for one year.

BofA Securities Inc., Barclays, Credit Suisse, Mizuho, Citigroup Global Markets Inc., HSBC Securities, KKR Capital Markets LLC, Nomura Securities International Inc., BMO Capital Markets Corp., Goldman Sachs, Jefferies LLC, Macquarie Capital, Morgan Stanley Senior Funding Inc., RBC Capital Markets LLC, Truist Securities Inc., BNP Paribas Securities Corp., CIBC, Fifth Third Bank and MUFG are leading the deal.

Nielsen hits secondary

Commitments for Nielsen’s U.S. term loan were due at 3:15 p.m. ET on Tuesday and the debt broke for trading later in the day, with levels quoted at 89¼ bid, 89¾ offered before moving up to 89½ bid, 90¼ offered, another source added.

Commitments for the euro term loan are due at 5 a.m. ET on Wednesday.

The loans will be used to help fund the recently completed buyout of the company by a private equity consortium led by Evergreen Coast Capital Corp. and Brookfield Business Partners LP for $28 per share, or about $16 billion, including the assumption of debt.

Upon closing on the buyout, the company said in a filing with the Securities and Exchange Commission that, to help fund the transaction, it entered into senior secured credit facilities comprised of a $650 million revolver, a $2.5 billion term loan A, a $3.35 billion term loan B and a €510 million term loan B. The institutional debt funded at closing had not been syndicated.

Nielsen is a New York-based provider of audience measurement, data and analytics.

Playa flexes, frees

Playa Hotels trimmed pricing on its $1.1 billion six-year covenant-lite term loan B (B2/B) to SOFR plus 425 bps from SOFR plus 450 bps and adjusted the original issue discount to 96.5 from 96, a market source said.

The term loan still has a 0.5% floor and 101 soft call protection for six months.

Recommitments were due at 2 p.m. ET on Tuesday and the term loan emerged in the secondary market late in the day, with levels quoted at 96¾ bid, 97¼ offered, another source added.

Deutsche Bank Securities Inc., BofA Securities Inc., JPMorgan Chase Bank, Goldman Sachs Bank USA, Truist and SMBC are leading the deal that will be used to opportunistically refinance the company’s capital structure, including its existing revolver, term loan B, term loans A-1, A-2 and A-3, and property loan.

Playa Hotels is an owner, operator and developer of all-inclusive resorts located in Mexico, Dominican Republic and Jamaica.

Amynta upsizes, breaks

Amynta Group raised its non-fungible incremental term loan B due February 2025 to $175 million from $150 million, finalized the spread at SOFR plus 500 bps, the high end of the SOFR plus 475 bps to 500 bps talk, and set the original issue discount at 95, the tight end of the 94 to 95 talk, according to a market source.

As before, the incremental term loan has a 0% floor and 101 soft call protection for six months.

Recommitments were due at 11:30 a.m. ET on Tuesday and the incremental term loan began trading in the afternoon, with levels quoted at 95 bid, 96 offered, another source added.

BofA Securities Inc. is leading the deal that will be used to repay revolver borrowings and add cash to the balance sheet.

Amynta Group is a N.Y.-based provider of property, casualty and specialty insurance as well as warranty and protection.

Sebia holds call

Sebia held a lender call on Tuesday, launching a $225 million covenant-lite term loan B due December 2027 talked at SOFR plus 450 bps to 475 bps with a 0% floor, an original issue discount of 97 to 98 and 101 soft call protection for six months, a market source remarked.

In addition, the company launched an €890 million covenant-lite term loan B due December 2027 talked at Euribor plus 450 bps to 475 bps with a 0% floor and a discount of 97 to 98.

Commitments are due at 10 a.m. ET on Nov. 30, the source added.

Nomura is the sole global coordinator and physical bookrunner on the deal. Credit Agricole, HSBC, Natixis and others to be announced are joint bookrunners and mandated lead arrangers.

The debt will be used to extend an existing U.S. term loan due 2024 that is priced at Libor plus 325 bps, an existing euro term loan due 2024 that is priced at Euribor plus 275 bps and an existing euro term loan due 2024 that is priced at Euribor plus 350 bps.

Sebia is a France-based multi-specialty in-vitro diagnostics company focusing on oncology, genetic hemoglobin and metabolic disorders.

Fund flows

In other news, actively managed loan fund flows on Monday were negative $3 million and loan ETFs were negative $118 million, according to market sources.

Actively managed high-yield fund flows on Monday were positive $25 million and high-yield ETFs were positive $653 million, sources added.

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