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WS Audiology sets price talk on €2.77 billion equivalent term loan B
By Sara Rosenberg
New York, March 11 – WS Audiology (Auris Lux III Sarl) came out with price talk on its €2.768 billion equivalent U.S. and euro term loan B due February 2029 (B3/B-) in connection with its lender call, according to a market source.
The minimum $500 million U.S. portion of the term loan is talked at SOFR plus 425 basis points to 450 bps with an original issue discount of 99, and the minimum €1 billion euro portion of the term loan is talked at Euribor plus 450 bps with a discount of 99 to 99.5, the source said.
The U.S. and euro term loans have 101 soft call protection for six months.
Goldman Sachs is the physical bookrunner on the U.S. loan. Deutsche Bank, Danske Bank and JPMorgan Chase Bank are the physical bookrunners on the euro loan. HSBC Securities, Jyske Bank, Mizuho, Nordea, Nykredit, RBC Capital Markets, Santander and UBS Investment Bank are passive bookrunners. Citigroup Global Markets Inc. and MUFG are mandated lead arrangers. Deutsche Bank is the agent.
Commitments for the U.S. loan are due at 5 p.m. ET on Thursday, and commitments for the euro loan are due at 1 p.m. ET on March 14.
Proceeds will be used to extend existing $1.2 billion and €2.1 billion term loans due February 2026, in conjunction with a €500 million equity contribution used to reduce the outstanding term loan debt by €360 million, to repay revolving credit facility borrowings and to pay transaction costs.
In addition, the company is getting a €525 million privately placed Holdco PIK financing to refinance its existing second-lien term loan.
WS Audiology is a Denmark and Singapore-based provider of hearing aids and solutions for people with hearing challenges.
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