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Grab Holdings to launch $750 million term loan B on Tuesday
By Sara Rosenberg
New York, Jan. 4 – Grab Holdings Inc. is scheduled to hold a lender call at 11 a.m. ET on Tuesday to launch a $750 million five-year term loan B (B3/B-), according to a market source.
J.P. Morgan Securities LLC, Barclays, HSBC Securities (USA) Inc., Mizuho and MUFG are the leads on the deal.
Price talk on the term loan is Libor plus 525 basis points to 550 bps with a 1% Libor floor and an original issue discount of 97, the source said.
The term loan is non-callable for two years, then at 101 in year three. There is a carve-out in year one of 103 for an initial public offering.
Commitments are due at 5 p.m. ET on Jan. 14, the source added.
Proceeds will be used for general corporate purposes.
Grab is a Singapore-based ride hailing company and a provider of food delivery, digital payments and other financial services via a mobile app.
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