WS Audiology to launch €2.77 billion equivalent term loan B on Monday

By Sara Rosenberg

New York, March 7 – WS Audiology (Auris Lux III Sarl) is scheduled to hold a lender call at 10 a.m. ET on Monday and small group meetings on Monday and Tuesday to launch a €2.768 billion equivalent U.S. and euro term loan B due February 2029, according to a market source.

Goldman Sachs is the physical bookrunner on the U.S. loan. Deutsche Bank, Danske Bank and JPMorgan Chase Bank are the physical bookrunners on the euro loan. HSBC Securities, Jyske Bank, Mizuho, Nordea, Nykredit, RBC Capital Markets, Santander and UBS Investment Bank are passive bookrunners. Citigroup Global Markets Inc. and MUFG are mandated lead arrangers. Deutsche Bank is the agent.

The U.S. term loan tranche has a minimum size of $500 million, and the euro term loan tranche has a minimum size of €1 billion, the source said.

The U.S. and euro term loans have 101 soft call protection for six months.

Commitments for the U.S. loan are due at 5 p.m. ET on March 14, and commitments for the euro loan are due at noon ET on March 14, the source added.

Proceeds will be used to extend existing $1.2 billion and €2.1 billion term loans due February 2026, in conjunction with a €500 million equity contribution used to reduce the outstanding term loan debt by €360 million, to repay revolving credit facility borrowings and to pay transaction costs.

In addition, the company is getting a €525 million privately placed Holdco PIK financing to refinance its existing second-lien term loan.

WS Audiology is a Denmark and Singapore-based provider of hearing aids and solutions for people with hearing challenges.

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