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NielsenIQ flexes U.S. and euro loans to Libor/Euribor plus 400 bps
By Sara Rosenberg
New York, Feb. 4 – NielsenIQ lowered pricing on its $950 million term loan and $650 million equivalent euro term loan to Libor/Euribor plus 400 basis points from talk in the range of Libor/Euribor plus 450 bps to 475 bps, according to a market source.
Also, the original issue discount on the term loans was tightened to 99.5 from 99, the source said.
Furthermore, the Libor floor on the U.S. term loan was changed to 0% from 0.5%.
The euro term loan still has a 0% floor, and both term loans have 101 soft call protection for six months.
The company’s $1.95 billion equivalent of secured credit facilities (B1/B/BB) also include a $350 million revolver.
BofA Securities Inc., UBS Investment Bank, Barclays, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., RBC Capital Markets, MUFG, Wells Fargo Securities LLC, Fifth Third, BMO Capital Markets, BNP Paribas Securities Corp., Capital One, Mizuho, SMBC and TD Securities are the leads on the deal, with BofA the left lead on the U.S. loan and UBS the left lead on the euro loan.
Recommitments are due at 9 a.m. ET on Friday, the source added.
Proceeds will be used to help fund the buyout of the company by Advent International and James Peck, former chief executive officer of TransUnion, from Nielsen Holdings plc for $2.7 billion, and Nielsen will also receive warrants in the new company exercisable in certain circumstances.
Other funds for the transaction will come from up to $989 million of equity.
Closing is expected in the second quarter, subject to approval by Nielsen shareholders, regulatory approvals, consultation with the works council and other customary conditions.
NielsenIQ is a Chicago-based provider of actionable information to consumer packaged goods manufacturers and retailers.
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