S4 Capital launches €375 million term loan at Euribor plus 400 bps

By Sara Rosenberg

New York, July 19 – S4 Capital plc held a lender call on Monday to launch a €375 million seven-year senior secured covenant-lite term loan B (Ba3/BB-/BB+) that is talked at Euribor plus 400 basis points with a 0% floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Credit Suisse is the global coordinator and lead left bookrunner on the term loan. Barclays and HSBC Bank plc are joint bookrunners. Credit Suisse is the agent.

Commitments are due at 7 a.m. ET on July 29, the source added.

The company is also getting a £100 million five-year equivalent multicurrency senior secured revolving credit facility with Credit Suisse, HSBC, Barclays, JPMorgan and BNP Paribas.

Proceeds will be used to refinance a €25 million term loan, a $28.9 million term loan, a €35 million revolver and a €43.5 million revolver and to provide about £200 million for general corporate purposes, including to fund the cash element of future mergers.

S4 Capital is a London-based digital advertising and marketing services company.

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