Planet readies launch of €910 million term loan for Wednesday

By Sara Rosenberg

New York, Feb. 6 – Planet (AI Silk Midco Ltd.) is scheduled to hold a lender call at 5 a.m. ET on Wednesday to launch a €910 million seven-year term loan, according to a market source.

Management meetings will take place on Thursday and Friday.

Barclays, Goldman Sachs, NatWest and Societe Generale are the physical bookrunners on the deal. Bank of Ireland, BNP Paribas and KKR Capital Markets are joint bookrunners.

The term loan has a 0% floor and 101 soft call protection for six months, the source said.

Expected term loan ratings are B3/B-.

Commitments are due at 7 a.m. ET on Feb. 20, the source added.

Proceeds will be used to repay existing term loan and revolving credit facility borrowings, to fund cash to the balance sheet and to pay transaction fees and expenses.

Advent International and Eurazeo are the sponsors.

Planet is a London-based vertical software and integrated payments provider for high end retail and hospitality.

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