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WSH Investments to launch £454 million of term loans on Wednesday
By Sara Rosenberg
New York, Feb. 11 – WSH Investments (CD&R Dock Bidco Ltd.) is set to hold a bank meeting in London on Wednesday to launch £454 million of covenant-light term loans, according to a market source.
Goldman Sachs, HSBC, UBS and Investec are the physical bookrunners on the deal. ING and Rabobank are bookrunners. HSBC is the agent.
The debt is split between a £363 million seven-year term loan B and a £91 million eight-year second-lien term loan, the source said.
Included in the term loan B is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.
The deal will have private ratings from S&P, Moody’s and Fitch, the source added.
Proceeds will be used to support the acquisition by CD&R of a majority stake in the company and to pay related transaction fees.
Commitments are due at the close of business on Feb. 27.
WSH is a U.K.-based contract catering and hospitality services group.
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