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WSH Investments discloses price talk on first- and second-lien loans
By Sara Rosenberg
New York, Feb. 13 – WSH Investments (CD&R Dock Bidco Ltd.) released price talk on its £363 million seven-year covenant-light term loan B and £91 million eight-year covenant-light second-lien term loan in connection with its bank meeting in London on Wednesday, according to a market source.
Price talk on the term loan B is Libor plus 500 basis points with a 0% Libor floor and an original issue discount of 99 to 99.5, and talk on the second-lien term loan is Libor plus 850 bps to 875 bps with a 0% Libor floor and a discount of 98.5, the source said.
Included in the term loan B is 101 soft call protection for one year, and the second-lien term loan has call protection of 102 in year one and 101 in year two.
The deal will have private ratings from S&P, Moody’s and Fitch.
Goldman Sachs, HSBC, UBS and Investec are the physical bookrunners on the £454 million of term loans. ING and Rabobank are bookrunners. HSBC is the agent.
Commitments are due at the close of business on Feb. 27.
Proceeds will be used to support the acquisition by CD&R of a majority stake in the company and to pay related transaction fees.
WSH is a U.K.-based contract catering and hospitality services group.
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