TMF Group sets talk on $400 million, €950 million term loans

By Sara Rosenberg

New York, April 18 – TMF Group (TMF Sapphire Bidco BV) released price talk on its minimum $400 million term loan B due May 2028 and €950 million term loan B due May 2028 with its lender call on Tuesday, according to a market source.

Talk on the U.S. term loan is SOFR plus 500 basis points with a 0% floor and an original issue discount of 97 to 98, and talk on the euro term loan is Euribor plus 475 bps with a 0% floor and a discount of 97 to 98, the source said.

Both term loans (B2/B) have 101 soft call protection for six months.

Goldman Sachs is the left lead on the U.S. term loan. Barclays, Goldman Sachs, HSBC Securities and Nomura are the physical bookrunners on the euro loan, and Deutsche Bank and Jefferies are passive bookrunners. HSBC is the agent.

Small group meetings for the transaction will take place on Wednesday and Thursday.

Commitments are due at 10 a.m. ET on April 27.

Proceeds will be used to extend the maturity of an existing €950 million term loan B due May 2025, to refinance existing second-lien debt, to repay revolving credit facility borrowings and for acquisition activity.

CVC and ADIA are the sponsors.

TMF Group is an Amsterdam-based provider of legal financial and employee administration services.

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