Action lifts term B-3 to €2.5 billion, firms at Euribor plus 375 bps

By Sara Rosenberg

New York, April 20 – Action (Peer Holding III BV) upsized its term loan B-3 (Ba3/BB-) due September 2028 to €2.5 billion from minimum €1.5 billion and finalized pricing at Euribor plus 375 basis points, the low end of the Euribor plus 375 bps to 400 bps talk, according to a market source.

As before, the term loan has one 25 bps step-up and one 25 bps step-down based on leverage, with a six months ratchet holiday, a 0% floor, an original issue discount of 98.5 and 101 soft call protection for six months.

BNP Paribas Securities Corp., Deutsche Bank Securities Inc., ING, JPMorgan Chase Bank and Rabobank are the joint global coordinators and physical bookrunners on the deal. ABN Amro, BofA Securities Inc., Barclays, Citigroup Global Markets Inc., Credit Agricole, Goldman Sachs, Natixis, RBC Capital Markets and SMBC are joint bookrunners. Rabobank is the administrative agent.

Recommitments are due at 6 a.m. ET on Friday, and allocations are expected thereafter, the source added.

Proceeds will be used to amend and extend an existing term loan B-1 due March 2025, for general corporate purposes and to pay transaction fees and expenses.

3i is the sponsor.

Action is a non-food discount retailer in Continental Europe.

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