Grab Holdings lifts term loan B to $1.75 billion, trims pricing

By Sara Rosenberg

New York, Jan. 19 – Grab Holdings Inc. upsized its five-year term loan B to $1.75 billion from $750 million and reduced pricing to Libor plus 450 basis points from talk in the range of Libor plus 525 bps to 550 bps, according to a market source.

As before, the term loan has a 1% Libor floor, an original issue discount of 97 and call protection of 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.

J.P. Morgan Securities LLC, Barclays, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Mizuho, MUFG and Standard Chartered are the leads on the deal.

Allocations are expected on Wednesday, 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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