Asda launches €840 million term loan B at Euribor plus 325 bps

By Sara Rosenberg

New York, Feb. 3 – Asda (Bellis Acquisition Co. plc) held a lender meeting on Wednesday to launch an €840 million five-year covenant-lite term loan B (Ba2//BB) that is talked at Euribor plus 325 basis points with a 0% floor and an original issue discount of 99.5, according to a market source.

Barclays is the lead left bookrunner. Deutsche Bank and Morgan Stanley are the joint physical bookrunners. BofA Securities Inc., Lloyds, Rabobank and HSBC are the joint mandated lead arrangers and bookrunners. And, Bank of China, Intesa Sanpaolo, Commerzbank, NatWest and SMBC are mandated lead arrangers. Barclays is the administrative agent.

Commitments are due at 7 a.m. ET on Feb. 16, the source added.

Proceeds will be used with other financial debt and equity to fund the acquisition of the company by the Issa brothers and TDR Capital from Walmart Inc.

Asda is a Leeds, U.K.-based supermarket chain.

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