Asda cuts spread on €840 million term loan B to Euribor plus 300 bps

By Sara Rosenberg

New York, Feb. 5 – Asda (Bellis Acquisition Co. plc) reduced pricing on its €840 million five-year covenant-lite term loan B (Ba2//BB) to Euribor plus 300 basis points from Euribor plus 325 bps, according to a market source.

The term loan still has a 0% floor and an original issue discount of 99.5.

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 11 a.m. ET on Wednesday, accelerated from 7 a.m. ET on Feb. 16, the source added.

Proceeds will be used with bonds 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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