Planet launches €910 million term loan at Euribor plus 500-525 bps

By Sara Rosenberg

New York, Feb. 7 – Planet (AI Silk Midco Ltd.) launched on Wednesday its €910 million seven-year term loan B (B3/B-) with price talk of Euribor plus 500 basis points to 525 bps with a 0% floor and an original issue discount of 97, according to a market source.

The term loan has 101 soft call protection for six months.

Barclays, Goldman Sachs, NatWest and Societe Generale are the physical bookrunners on the deal. Bank of Ireland, BNP Paribas and KKR Capital Markets are joint bookrunners.

Commitments are due at 7 a.m. ET on Feb. 20.

Proceeds will be used to repay existing term loan and revolving credit facility borrowings, to fund cash to the balance sheet and to pay transaction fees and expenses.

Advent International and Eurazeo are the sponsors.

Planet is a London-based vertical software and integrated payments provider for high end retail and hospitality.

© 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.