TMF Group allocates €1.3 billion of credit facilities

By Sara Rosenberg

New York, Dec. 8 – TMF Group (Sapphire Bidco BV) allocated its €1.3 billion of credit facilities on Friday, according to a market source.

The facilities consist of a €150 million 6.75-year multi-currency revolver, a €950 million seven-year covenant-light first-lien term loan B (B2/B) and a €200 million eight-year covenant-light second-lien term loan (Caa2/CCC+).

Pricing on the first-lien term loan is Euribor plus 325 basis points with a 0% floor and a par issue price, and pricing on the second-lien term loan is Euribor plus 687.5 bps with a 0% floor and an original issue discount of 99.5, the source said.

Goldman Sachs and HSBC are the primary bookrunners on the deal, and joint bookrunners and mandated lead arrangers with Barclays, Credit Suisse, Jefferies and Nomura.

Proceeds will be used to help fund the acquisition of the company by CVC Capital Partners for €1.75 billion.

Closing is expected in the first half of 2018, subject to regulatory approvals.

TMF is an Amsterdam-based provider of business, trust and corporate services.

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