WSH Investments shifts funds between first- and second-lien term loans

By Sara Rosenberg

New York, Feb. 28 – WSH Investments (CD&R Dock Bidco Ltd.) upsized its seven-year covenant-light term loan B to £370 million from £363 million and downsized its eight-year covenant-light second-lien term loan to £84 million from £91 million, according to a market source.

In addition, pricing on the second-lien term loan was set at Libor plus 875 basis points, the high end of the Libor plus 850 bps to 875 bps talk.

Also, the original issue discount on the first-lien term loan firmed at 99.5, the tight end of the 99 to 99.5 talk, and the discount on the second-lien term loan was changed to 97 from 98.5, the source said.

Pricing on the first-lien term loan is still Libor plus 500 bps with a 0% Libor floor.

As before, the first-lien term loan has 101 soft call protection for one year, and the second-lien term loan has a 0% Libor floor and call protection of 102 in year one and 101 in year two.

Goldman Sachs, HSBC, UBS and Investec are the physical bookrunners on the £454 million of term loans. ING and Rabobank are bookrunners. HSBC is the agent.

Commitments are due on Friday, the source added.

Proceeds will be used to support the acquisition by CD&R of a majority stake in the company and to pay related transaction fees.

WSH is a U.K.-based contract catering and hospitality services group.

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