Kantar updates U.S. and euro term B sizes and pricing, adds term A

By Sara Rosenberg

New York, Oct. 18 – Kantar set its U.S. seven-year term loan B size at $500 million and its euro seven-year term loan B size at €750 million, and added a $350 million five-year term loan A to the capital structure, according to a market source. Previously, the seven-year U.S. and euro term loan B debt were expected to total $2.1 billion equivalent.

Also, pricing on the U.S. and euro term loan B debt was set at Libor/Euribor plus 500 basis points, the high end of revised talk of Libor/Euribor plus 475 bps to 500 bps and wide of initial talk in the range of Libor/Euribor plus 425 bps to 450 bps, the source said.

In addition, the original issue discount on the U.S. term loan B was changed to 96 and the discount on the euro term loan B was changed to 97, both from revised talk of 98 and initial talk of 99.

The term loan B’s still have a 0% floor.

Pricing on the new term loan A is Libor plus 425 bps with a 0% floor and a discount of 98.5.

The company’s credit facilities also include a $400 million revolver.

BofA Securities Inc., Goldman Sachs, Morgan Stanley, Barclays, Credit Suisse, Deutsche Bank, HSBC, Mizuho, Natwest, Nomura and RBC are the leads on the deal, with BofA left on the U.S. loan and Goldman left on the euro loan.

Commitments are due on Tuesday, the source added.

Proceeds will be used to help fund the buyout of the company by Bain Capital from WPP.

Kantar is a data, research, consulting and analytics company.

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