TMF Group finalizes $400 million term loan B OID at 98

By Sara Rosenberg

New York, April 27 – TMF Group (TMF Sapphire Bidco BV) set the original issue discount on its $400 million term loan B due May 2028 at 98, the tight end of initial talk of 97 to 98, according to a market source.

Also, the company upsized its euro term loan B due May 2028 to €955 million from €950 million, reduced pricing to Euribor plus 450 bps from Euribor plus 475 bps, and changed the original issue discount to 98.5 from initial talk of 97 to 98, the source said.

Pricing on the U.S. term loan remained at SOFR plus 500 basis points with a 0% floor, the euro term loan still has a 0% floor, and both term loans (B2/B) still 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.

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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