TMF Group firms €955 million term loan at Euribor plus 375 bps

By Sara Rosenberg

New York, Jan. 23 – TMF Group (TMF Sapphire Bidco BV) finalized pricing on its €955 million term loan B due May 2028 at Euribor plus 375 basis points, the low end of revised talk of Euribor plus 375 bps to 400 bps and down from initial talk in the range of Euribor plus 400 bps to 425 bps, according to a market source.

The euro term loan still has 25 bps step-downs at 4x and 3.5x leverage with a six-month margin ratchet holiday, a 0% floor and a par issue price.

The company is also getting a $400 million term loan B due May 2028 priced at SOFR plus 400 with a 0% floor and a par issue price.

Both term loans have 101 soft call protection for six months.

Earlier in syndication, pricing on the U.S. term loan was lowered from talk in the range of SOFR plus 425 bps to 450 bps and a 25 bps step-down at 3.5x leverage was removed.

Goldman Sachs is the sole physical bookrunner on the U.S. term loan, with HSBC, Barclays, Deutsche Bank Securities Inc., Jefferies LLC and Nomura passive bookrunners. HSBC is the sole physical bookrunner on the euro term loan, with Goldman Sachs, Barclays, Deutsche Bank, Jefferies LLC and Nomura passive bookrunners. HSBC is the agent.

Proceeds will be used to reprice an existing U.S. term loan due May 2028 down from SOFR plus 500 bps with a 25 bps step-down at 3.5x leverage and a 0% floor, and an existing euro term loan due May 2028 down from Euribor plus 450 bps with 25 bps step-downs at 4x and 3.5x leverage and a 0% floor.

CVC and ADIA are the sponsors.

TMF Group is an Amsterdam-based provider of legal financial and employee administration services.

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