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Kantar restructures financing, upsizes secured notes to €1 billion, downsizes dollar loans
By Paul A. Harris
Portland, Ore., Oct. 23 – London-based networking services provider Kantar restructured approximately $3 billion equivalent of debt financing in moves that saw the euro-denominated portions grow while the dollar-denominated portions shrink, and the bond portions increase at the expense of the bank loan tranches, according to a market source.
The moves saw $300 million shifted to the euro-denominated senior secured notes from the dollar-denominated term loans.
The rejiggered debt financing, backing the buyout of Kantar by Bain Capital, features an upsized Summer (BC) Holdco B Sarl €1 billion tranche of seven-year senior secured notes (B1/B) talked earlier to yield 5½% to 5¾%.
The secured notes were upsized from €750 million while the term loan A was downsized to $300 million from $350 million, and the dollar-denominated term loan B was downsized to $250 million from $500 million, the source said.
The size of the Summer (BC) Holdco A Sarl eight-year senior unsecured notes tranche (Caa1/CCC+) remains unchanged at €475 million. The unsecured notes were talked to yield in the 9½% area.
Sole physical bookrunner and global coordinator Morgan Stanley will bill and deliver for the Rule 144A and Regulation S notes. Goldman Sachs and BofA Securities are global coordinators and passive bookrunners. Barclays, Credit Suisse, Deutsche Bank, HSBC, Mizuho, NatWest, Nomura and RBC are passive bookrunners.
The notes in both tranches come with three years of call protection.
Although both of the dollar-denominated loan tranches were downsized, the size of the euro-denominated seven-year term loan B remained unchanged at €750 million, the source said.
Proceeds from the debt financing 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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