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Delivery Hero flexes $825 million term loan B to SOFR plus 575 bps
By Sara Rosenberg
New York, April 8 – Delivery Hero reduced pricing on its $825 million 5.25-year covenant-lite term loan B (B-) to SOFR plus 575 basis points from talk in the range of SOFR plus 625 bps to 650 bps, according to a market source.
Also, the original issue discount on the term loan was changed to 97.5 from 97, the source said.
The term loan still has a 0.5% floor, and call protection of non-callable for one year, then at 103 in year two.
JPMorgan Chase Bank is the sole physical bookrunner on the deal. UniCredit, HSBC and Barclays are bookrunners. HSBC is the agent.
Proceeds will be used with a €300 million pre-placed term loan B (B-) for general corporate purposes, including to potentially refinance existing convertible debt at maturity, working capital and guarantees.
The company also plans on getting a €375 million three-year revolving credit facility with two one-year extension options.
Delivery Hero is a Berlin-based food delivery service.
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