TMF Group to launch $400 million, €955 million term loans Wednesday

By Sara Rosenberg

New York, Jan. 16 – TMF Group (TMF Sapphire Bidco BV) will hold a lender call at 9 a.m. ET on Wednesday to launch a $400 million term loan B due May 2028 and a €955 million term loan B due May 2028, according to a market source.

Price talk on the U.S. term loan is SOFR plus 425 basis points to 450 bps with a 25 bps step-down at 3.5x leverage, a 0% floor and a par issue price, and talk on the euro term loan is Euribor plus 400 bps to 425 bps with 25 bps step-downs at 4x and 3.5x leverage, a 0% floor and a par issue price, the source said.

Both term loans have 101 soft call protection for six months and a six-month margin ratchet holiday.

Proceeds will be used to reprice an existing U.S. term loan due May 2028 down from SOFR plus 500 bps with a 25 bps step-down at 3.5x leverage and a 0% floor, and an existing euro term loan due May 2028 down from Euribor plus 450 bps with 25 bps step-downs at 4x and 3.5x leverage and a 0% floor.

Consents/commitments for the U.S. loan are due at 5 p.m. ET on Monday and consents/commitments for the euro loan are due at noon ET on Monday, the source added.

Goldman Sachs is the sole physical bookrunner on the U.S. term loan, with HSBC, Barclays, Deutsche Bank Securities Inc., Jefferies LLC and Nomura passive bookrunners. HSBC is the sole physical bookrunner on the euro term loan, with Goldman Sachs, Barclays, Deutsche Bank, Jefferies LLC and Nomura passive bookrunners. HSBC is the agent.

CVC and ADIA are the sponsors.

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

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