HBX Group to launch minimum €1.31 billion of term loans on Monday

By Sara Rosenberg

New York, March 15 – HBX Group (HNVR Holdco Ltd.) is set to hold a lender call at 6:30 a.m. ET on Monday to launch a €760 million term loan B-3 due September 2028 and a minimum €547 million term loan D-2 due September 2027, according to a market source.

Morgan Stanley Senior Funding Inc., Barclays, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are the joint active bookrunners on the deal. BofA Securities Inc., Bank of Ireland, Goldman Sachs and HSBC are joint bookrunners. UniCredit is the administrative agent.

Price talk on the term loan B-3 is Euribor plus 450 basis points with a 0% floor and a par issue price, and talk on the term loan D-2 is Euribor plus 425 bps with a 0% floor and an original issue discount of 99.75, the source said.

The term loans have 101 soft call protection for six months.

Proceeds will be used to reprice an existing term loan B-2 down from Euribor plus 475 bps and an existing term loan D down from Euribor plus 525 bps, and to refinance an existing term loan B-1.

Commitments and consents are due at 1 p.m. ET on Thursday, the source added.

HBX, formerly known as Hotelbeds, is a B2B travel marketplace and tech solutions provider.

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