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EG Group ups term B to $510 million, firms at Libor plus 425 bps
By Sara Rosenberg
New York, March 10 – EG Group upsized its first-lien term loan B due March 2026 to $510 million from $450 million and firmed pricing at Libor plus 425 basis points, the low end of the Libor plus 425 bps to 450 bps talk, according to a market source.
The first-lien term loan, which is being issued by EG America LLC, still has a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.
Commitments and consents were scheduled to be due at noon ET on Wednesday, the source said.
Along with the first-lien term loan, the company is getting a €610 million second-lien term loan due April 2027 priced at Euribor plus 700 bps with a 0% floor and an original issue discount of 99.
The second-lien term loan, which is being issued by EG Finco Ltd., has 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, pricing finalized at the low end of the Euribor plus 700 bps to 725 bps talk and the discount was revised from 98.5.
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.
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, for general corporate purposes 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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