| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for TMF Sapphire Bidco BV > News item |
TMF Group revises price talk on $400 million, €955 million term loans
By Sara Rosenberg
New York, Jan. 22 – TMF Group (TMF Sapphire Bidco BV) lowered pricing on its $400 million term loan B due May 2028 to SOFR plus 400 basis points from talk in the range of SOFR plus 425 bps to 450 bps, and revised price talk on its €955 million term loan B due May 2028 to a range of Euribor plus 375 bps to 400 bps from a range of Euribor plus 400 bps to 425 bps, according to market sources.
Also, the company removed from the U.S. term loan a 25 bps step-down at 3.5x leverage, sources said.
The euro term loan still has 25 bps step-downs at 4x and 3.5x leverage with a six-month margin ratchet holiday, and both term loans still have a 0% floor, a par issue price, and 101 soft call protection for six months.
Goldman Sachs is the sole physical bookrunner on the U.S. term loan, with HSBC, Barclays, Deutsche Bank Securities Inc., Jefferies LLC and Nomura passive bookrunners. HSBC is the sole physical bookrunner on the euro term loan, with Goldman Sachs, Barclays, Deutsche Bank, Jefferies LLC and Nomura passive bookrunners. HSBC is the agent.
Consents/commitments for the U.S. loan are due at 9 a.m. ET on Tuesday, extended from 5 p.m. ET on Monday, and consents/commitments for the euro loan are due at 8 a.m. ET on Tuesday, extended from noon ET on Monday, sources added.
Proceeds will be used to reprice an existing U.S. term loan due May 2028 down from SOFR plus 500 bps with a 25 bps step-down at 3.5x leverage and a 0% floor, and an existing euro term loan due May 2028 down from Euribor plus 450 bps with 25 bps step-downs at 4x and 3.5x leverage and a 0% floor.
CVC and ADIA are the sponsors.
TMF Group is an Amsterdam-based provider of legal financial and employee administration services.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.