Nielsen to launch $1.75 billion U.S. and euro term loan on Wednesday

By Sara Rosenberg

New York, Nov. 15 – Nielsen Holdings plc (Neptune Bidco US Inc.) is scheduled to hold a lender call at 11 a.m. ET on Wednesday to launch a $1.75 billion equivalent U.S. and euro term loan B due April 2029, according to a market source.

BofA Securities Inc., Barclays, Credit Suisse, Mizuho, Citigroup Global Markets Inc., HSBC Securities, KKR Capital Markets LLC, Nomura Securities International Inc., BMO Capital Markets Corp., Goldman Sachs, Jefferies LLC, Macquarie Capital, Morgan Stanley Senior Funding Inc., RBC Capital Markets LLC, Truist Securities Inc., BNP Paribas Securities Corp., CIBC, Fifth Third Bank and MUFG are the bookrunners on the deal.

Price talk on the U.S. piece of the term loan is SOFR+10 basis points CSA plus 500 bps with a 0.5% floor and an original issue discount of 89 to 90, and talk on the euro piece of the term loan is Euribor plus 500 bps with a 0% floor and a discount of 89 to 90, the source said.

Commitments are due at noon ET on Nov. 22, the source added.

Proceeds will be used to help fund the recently completed buyout of the company by a private equity consortium led by Evergreen Coast Capital Corp. and Brookfield Business Partners LP for $28 per share in an all-cash transaction valued at about $16 billion, including the assumption of debt.

Upon closing on the buyout, the company revealed in a filing with the Securities and Exchange Commission that, to help fund the transaction, it entered into senior secured credit facilities comprised of a $650 million revolver, a $2.5 billion term loan A, a $3.35 billion term loan B and a €510 million term loan B.

The institutional debt funded at closing had not been syndicated.

The company also obtained a $2.15 billion secured second-lien term loan with Ares Capital Corp. as administrative agent.

Nielsen is a New York-based provider of audience measurement, data and analytics.

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