Nielsen splits term B into $1.5 billion U.S., minimum €250 million

By Sara Rosenberg

New York, Nov. 21 – Nielsen Holdings plc (Neptune Bidco US Inc.) is talking its U.S term loan B due April 2029 with a size of $1.5 billion and its euro term loan B due April 2029 with a minimum size of €250 million, versus a description at launch of $1.75 billion equivalent U.S. and euro term loan B debt with sizes to be determined, according to a market source.

As before, talk on the U.S. term loan is SOFR+10 basis points CSA plus 500 bps with a 0.5% floor and an original issue discount of 89 to 90, and talk on the euro term loan is Euribor plus 500 bps with a 0% floor and a discount of 89 to 90.

Both term loans have 101 soft call protection for one year.

BofA Securities Inc., Barclays, Credit Suisse, Mizuho, Citigroup Global Markets Inc., HSBC Securities, KKR Capital Markets LLC, Nomura Securities International Inc., BMO Capital Markets Corp., Goldman Sachs, Jefferies LLC, Macquarie Capital, Morgan Stanley Senior Funding Inc., RBC Capital Markets LLC, Truist Securities Inc., BNP Paribas Securities Corp., CIBC, Fifth Third Bank and MUFG are the bookrunners on the deal.

Commitments are still due at noon ET on Tuesday, the source added.

Proceeds will be used to help fund the recently completed buyout of the company by a private equity consortium led by Evergreen Coast Capital Corp. and Brookfield Business Partners LP for $28 per share in an all-cash transaction valued at about $16 billion, including the assumption of debt.

Upon closing on the buyout, the company revealed in a filing with the Securities and Exchange Commission that, to help fund the transaction, it entered into senior secured credit facilities comprised of a $650 million revolver, a $2.5 billion term loan A, a $3.35 billion term loan B and a €510 million term loan B.

The institutional debt funded at closing had not been syndicated.

The company also obtained a $2.15 billion secured second-lien term loan with Ares Capital Corp. as administrative agent.

Nielsen is a New York-based provider of audience measurement, data and analytics.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.