Douglas sets final terms on €1.67 billion bank loan debt

By Paul A. Harris

Portland, Ore., June 1 – Douglas GmbH set final terms on €1.67 billion of bank loan debt, according to a market source.

The deal includes a €300 million incremental covenant-light term loan B due August 2022 priced at Euribor plus 325 basis points, a 0% Euribor floor and six months of soft call protection. The deal is offered at par. The spread comes 25 bps inside of the tight end of the Euribor plus 350 to 375 bps spread talk. There is a 25 basis points step down if senior secured leverage falls below 4.0-times.

Douglas also repriced its existing €1.37 billion term loan B due August 2022 at Euribor plus 350 bps, a 0% Euribor floor and six months of soft call protection at 101. The repriced loan is also offered at par, and also features a 25 bps step down if senior secured leverage falls to 4.0-times.

Commitments are due June 6.

Deutsche Bank Securities Inc. is the physical bookrunner on the deal, with joint bookrunners Goldman Sachs & Co., J.P. Morgan Securities LLC and UniCredit.

Term loan ratings are expected at B1/B.

Douglas is a Hagen, Germany-based retailer of beauty and personal care products.

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