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IQ-EQ to launch €1.1 billion equivalent U.S., euro term B on Tuesday
By Sara Rosenberg
New York, July 10 – IQ-EQ (Saphilux Sarl) is set to hold a lender call at 9 a.m. ET on Tuesday and small group meetings on Tuesday and Wednesday to launch a €1.1 billion equivalent U.S. and euro first-lien term loan B due July 2028, with the split subject to a minimum U.S. tranche size of $500 million and a minimum euro tranche size of €500 million, according to market sources.
Nomura is the sole physical bookrunner on the U.S. term loan. Deutsche Bank Securities Inc., HSBC, NatWest and Nomura are the joint physical bookrunners on the euro term loan. Morgan Stanley is a passive bookrunner. NatWest is the administrative agent.
Price talk on the U.S. term loan is SOFR plus 475 basis points to 500 bps with a 0.5% floor and an original issue discount of 98, and talk on the euro term loan is Euribor plus 475 bps to 500 bps with a 0% floor and a discount of 98, sources said.
There is no credit spread adjustment on the U.S. term loan.
The company is also getting a privately placed sterling term loan.
Proceeds will be used to amend and extend an existing €499 million term loan B due July 2025, an existing €100 million equivalent U.S. term loan B due July 2025 and an existing €268 million equivalent sterling term loan B due July 2025, to repay existing debt, including the partial repayment of existing U.S. and sterling second-lien term loans due July 2026, for general corporate purposes, for acquisition activity, and to pay transaction related fees and expenses.
The cashless and cash roll consent deadline is noon ET on July 18, and commitments are due at noon ET on July 19, sources added.
Astorg Asset Management is the sponsor.
IQ-EQ is an investor services and independent fund specialist.
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