Refinitiv to launch $8 billion of term loans during Sept. 3 week

By Sara Rosenberg

New York, Aug. 28 – Refinitiv is scheduled to hold a bank meeting in London on Sept. 4 and a bank meeting at 11 a.m. ET in New York on Sept. 5 to launch its $8 billion equivalent of seven-year covenant-light term loan B debt, according to a market source.

The debt is split between a $5.5 billion U.S. term loan B and a $2.5 billion equivalent euro term loan B, the source said.

The company is also expected to get a $750 million revolver.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Wells Fargo Securities LLC, Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, UBS Investment Bank, Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., Deutsche Bank Securities Inc., Barclays, RBC Capital Markets and Sumitomo are the lead arrangers on the deal.

Proceeds will be used to help fund the acquisition of a 55% stake in Thomson Reuters’ Financial & Risk business, which will be renamed Refinitiv, by Blackstone, Canada Pension Plan Investment Board and GIC.

Other funds for the transaction will come from $5.5 billion equivalent in notes.

Thomson Reuters will receive about $17 billion in gross proceeds when the transaction closes, subject to purchase price adjustments, and will retain a 45% equity stake in the company.

Closing is expected on Oct. 1.

Refinitiv is a data and financial technology platform.

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