EG Group sets talk on $450 million term B, €330 million second-lien

By Sara Rosenberg

New York, Feb. 26 – EG Group is talking its $450 million first-lien term loan B (B3/B-/B) due March 2026 at Libor plus 425 basis points to 450 bps with a 0.5% Libor floor and an original issue discount of 99, according to a market source.

The term loan B, which is being issued by EG America LLC, has 101 soft call protection for six months.

The company’s €330 million second-lien term loan (Caa2/CCC/CCC) due April 2027, which is being issued by EG Finco Ltd., is being talked at Euribor plus 700 bps to 725 bps with a 0% floor and a discount of 98.5, the source continued.

Call protection on the second-lien term loan is 102 in year one and 101 in year two.

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 are due at noon ET on March 10. A lender call for the transaction took place on Thursday.

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.

EG Group is a Blackburn, U.K.-based convenience retail and fuel station company.

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