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EG Group firms €610 million second-lien loan at Euribor plus 700 bps
By Sara Rosenberg
New York, March 9 – EG Group set pricing on its €610 million second-lien term loan due April 2027 at Euribor plus 700 basis points, the low end of the Euribor plus 700 bps to 725 bps talk, according to a market source.
Also, the original issue discount on the second-lien term loan was revised to 99 from 98.5, the source said.
The second-lien term loan, which is being issued by EG Finco Ltd., still has a 0% floor and call protection of 102 in year one and 101 in year two.
Earlier in syndication, the second-lien term loan was upsized from €330 million.
The company is also getting a $450 million first-lien term loan B due March 2026 that is talked at Libor plus 425 bps to 450 bps with a 0.5% Libor floor and an original issue discount of 99.
The term loan B, which is being issued by EG America LLC, has 101 soft call protection for six months.
Barclays is the lead left bookrunner on the first-lien term loan B and a joint global coordinator and bookrunner with JPMorgan and Rabobank. Other bookrunners include BofA Securities Inc., Deutsche Bank, ING, Lloyds, Morgan Stanley and SMBC. Barclays is the administrative agent.
Bookrunners on the second-lien term loan are Barclays, BofA Securities, Deutsche Bank, HSBC, Lloyds, Morgan Stanley and Rabobank.
Commitments continue to be due at noon ET on Wednesday, the source added.
Proceeds will be used to help fund the acquisition of Asda Group Ltd.’s forecourts for an enterprise value of £750 million and 285 petrol station forecourts in Southern Germany from OMV Deutschland GmbH for €485 million and, due to the recent second-lien term loan upsizing, to refinance in full an existing euro and U.S. second-lien term loan due April 2026.
EG Group is a Blackburn, U.K.-based convenience retail and fuel station company.
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