House of HR finalizes upsized €1.3 billion term loan B repricing

Chicago, April 26 – House of HR finalized terms and repriced the House of HR Group BV’s term loan B due November 2029 (B2/B) on Friday, according to a market source.

Lenders on the company’s €125 million non-fungible delayed-draw term loan were allowed to convert existing holdings into the repriced term loan B facility at equivalent economics.

With those conversions, the final size of the repriced term loan B is €1.299 billion, above the €1.17 billion at launch.

Interest will be at Euribor plus 500 basis points, a cut from the existing margin of 550 bps. The interest rate will retain a 0% floor.

The 101 soft call protection will be reset from the new closing date.

The repricing was not discounted, after talk narrowed to a discount of 99.75 to par and initial talk of 99.5 to 99.75.

Barclays and JPMorgan are the physical bookrunners. Citigroup, ING, Mizuho, Rabobank and Societe Generale are the joint bookrunners.

JPMorgan is the agent.

Proceeds will be used to reprice the existing term loan B. The upsized amount will be used to refinance existing debt, including via delayed-draw term loan repayment and/or a tender offer for a second-lien term loan B.

The borrower is a Belgium-based provider of human resource solutions.

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