Swissport finalizes $625 million term loan B OID at 99.5

By Sara Rosenberg

New York, March 27 – Swissport firmed the original issue discount on its $625 million seven-year term loan B at 99.5, the tight end of revised talk of 99.25 to 99.5, and tighter than prior talk in the range of 98.5 to 99 and initial talk in the range of 98 to 98.5, according to a market source.

Pricing on the U.S. term loan remained at SOFR plus 425 basis points with a 0% floor.

The company is also getting a €625 million seven-year term loan B priced at Euribor plus 425 bps with a 0% floor and an original issue discount of 99.

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

During syndication, the U.S. and euro tranche sizes were outlined after being launched as €1.2 billion equivalent of U.S. and euro term loan debt with the U.S. portion having a minimum size of $500 million, pricing on both term loans was lowered from revised talk of SOFR/Euribor plus 450 bps and initial talk in the range of SOFR/Euribor plus 450 bps to 475 bps, and the discount on the euro term loan firmed at the tight end of revised talk of 98.5 to 99 and tighter than initial talk in the range of 98 to 98.5.

JPMorgan Chase Bank is the physical bookrunner on the U.S. term loan. Barclays, BofA Securities Inc. and JPMorgan are the physical bookrunners on the euro term loan. Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc. and UBS Investment Bank are the senior joint bookrunners, and Goldman Sachs, Natixis, NatWest, RBC Capital Markets and Santander are joint bookrunners. JPMorgan is the administrative agent.

Proceeds will be used to repay existing debt, fund a capital return to shareholders, add cash to the balance sheet, and pay transaction related fees and expenses.

Radar Bidco Sarl is a borrower under both term loans, and Swissport Stratosphere USA LLC is a borrower on the U.S. term loan.

Swissport is a Zurich-based provider of mission critical airport handling services.

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