Delivery Hero sets roughly $1.3 billion term B at SOFR plus 500 bps

By Sara Rosenberg

New York, March 8 – Delivery Hero SE firmed pricing on its roughly $1.3 billion senior secured term loan B due December 2029 at SOFR plus 500 basis points, the low end of the SOFR plus 500 bps to 525 bps talk, according to a market source.

The term loan still has a 0.5% floor, an original issue discount of 99.5 and hard call protection of 103 in year one and 101 in year two.

JPMorgan Chase Bank is the global coordinator, lead arranger and sole physical bookrunner on the deal. UniCredit, HSBC, Barclays, Goldman Sachs, Morgan Stanley, ING and Standard Chartered are joint lead arrangers on the U.S. term loan.

Proceeds will be used to amend and extend the company’s existing $813 million term loan due August 2027 priced at SOFR plus 575 bps, to repurchase at least €300 million of selected outstanding convertible bonds below par and, if there are any remaining amounts, for general corporate purposes, which may include additional buybacks of outstanding convertible bonds.

The company is also getting a roughly €550 million equivalent Korean won term loan due December 2029 to replace and upsize its existing €300 million term loan due August 2027 and to repurchase outstanding debt.

Delivery Hero is a Berlin-based local delivery platform.

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