ASDA talks €1.05 billion loan at Euribor plus 400-425 bps, 99.5 OID

By Paul A. Harris

Portland, Ore., April 23 – ASDA Group talked its €1.05 billion term loan B due 2031 (expected: B1/B+/BB) at Euribor plus 400 basis points to 425 bps and a 99.5 original issue discount, according to a market source.

Commitments are due at 7 a.m. ET on May 2.

The seven-year loan comes with six months of soft call protection at 101.

Barclays, Deutsche Bank, JPMorgan and HSBC are joint global coordinators and joint physical bookrunners. Bank of China, BofA, Intesa, Lloyds, Morgan Stanley, NatWest, Rabobank, SMBC and RBC are joint global coordinators and joint bookrunners. Citigroup is a joint bookrunner.

The Leeds, U.K.-based supermarket chain plans to use the loan proceeds plus £1.75 billion of other senior secured debt and balance sheet cash to refinance the majority of its 2026 maturities.

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