DTZ to launch roughly $1.8 billion first-lien term loan on Wednesday

By Sara Rosenberg

New York, July 24 – DTZ (DTZ U.S. Borrower LLC and DTZ Aus HoldCo Pty Ltd.) is scheduled to hold a bank meeting on Wednesday to launch a $1,805,000,000 first-lien term loan due Nov. 4, 2021, according to a market source.

UBS AG, J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc., Credit Agricole Securities (USA) Inc., Mizuho Securities USA Inc. and HSBC Securities (USA) Inc. are the bookrunners on the deal.

The first-lien term loan has a 1% Libor floor.

In addition, the company plans on getting a $175 million incremental multi-currency revolver due Nov. 4, 2019, the source said, bringing the total revolver size to $375 million.

Of the total term loan amount, $1,055,000,000 is incremental debt that will be used to fund the acquisition of Cushman & Wakefield, and the remainder will be used to reprice the company’s existing first-lien term loan.

Closing is expected by year-end, subject to customary conditions.

The company’s sponsors are TPG Capital, PAG Asia Capital and Ontario Teachers’ Pension Plan.

DTZ is a Chicago-based property services company. Cushman & Wakefield is a New York-based real estate services company. The combined company will operate under the Cushman & Wakefield brand.

© 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.