ERM sets U.S. and euro incremental term loan tranche sizes

By Sara Rosenberg

New York, June 11 – ERM split its $75 million equivalent U.S. and euro incremental term loan into a $35 million U.S. tranche and a $40 million equivalent euro tranche, according to a market source.

Pricing on the incremental term loan remained at Libor/Euribor plus 350 basis points with a 0% floor and an original issue discount of 99.75.

Along with the incremental, the company is extending its $500 million first-lien term loan by two years to 2028 and its €180 million first-lien term loan by two years to 2028, and lenders were offered a 25 bps consent fee.

KKR Capital Markets, BofA Securities Inc., Citigroup Global Markets Inc., HSBC Securities, ING, JPMorgan Chase Bank and SMBC are the bookrunners on the deal.

Proceeds from the incremental term loan will be used to repay some second-lien term loan borrowings.

Last month, the company announced that it is being acquired by KKR from Omers Private Equity and Alberta Investment Management Corp.

Closing on the buyout is expected in the third quarter, subject to regulatory approvals and other customary conditions.

ERM is a pure play sustainability consultancy.

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