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TDC wraps €1.9 billion term loan B at Euribor plus 275 bps
By Sara Rosenberg
New York, Nov. 29 – TDC A/S allocated on Thursday its €1.9 billion covenant-light term loan B (Ba3/BB-/BB) due June 2025 that is priced at Euribor plus 275 basis points with a 0% floor and was sold at an original issue discount of 99.75, according to a market source.
Included in the term loan is 101 soft call protection for six months.
During the session, the term loan freed up for trading and levels were quoted at 99¾ bid, par 1/8 offered, the source said.
Barclays and HSBC are the bookrunners on the deal. Barclays is the agent.
Proceeds will be used to reprice an existing term loan B, resulting in a 25 bps reduction to the existing margin grid.
TDC is a Copenhagen-based telecom services provider.
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