Kantar marketing $775 million equivalent two-part notes offering

By Paul A. Harris

Portland, Ore., Oct. 7 – A $775 million offering of notes backing Bain Capital's acquisition of a stake in Kantar, a London-based interdisciplinary networking services provider, is expected to price before the end of the Oct. 7 week following the conclusion of a roadshow, according to market sources.

The deal comes in two tranches, one secured, the other unsecured.

Summer (BC) Holdco B Sarl is offering $250 million equivalent of euro-denominated seven-year senior secured notes (B1/B) while Summer (BC) Holdco A Sarl is offering $525 million equivalent of euro-denominated eight-year senior unsecured notes (Caa1/CCC+).

Sole physical bookrunner and global coordinator Morgan Stanley will bill and deliver for the Rule 144A and Regulation S deal. Goldman Sachs and BofA Securities are global coordinators and passive bookrunners. Barclays, Credit Suisse, Deutsche Bank, HSBC, Mizhuo, NatWest, Nomura and RBC are passive bookrunners.

The notes in both tranches come with three years of call protection.

Proceeds will be used to help fund the acquisition of a 60% stake in Kantar by Bain Capital. The present parent, WPP, will retain a 40% stake in Kantar.

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