Summer (BC) Holdco B Sarl (Kantar) (KANGRP) EUR1.3bn (US$1.35bn equivalent, down from $1.625bn equivalent (EUR/US$)) 144A/Reg S sr sec 1st lien notes 2-part. B2/B- (stable/positive). Via GS (B&D fixed rate notes)/DB (B&D FRN) jt glocos and physical books/Barc/BofA/HSBC/Jefferies/JPM/Mizuho/MS/NatWest/Nomura/RBC/UBS jt books. No reg rights. List ISE. NY Law. CoC at 101. Settles 02/13 (T4).
- EUR500m (up from EUR350m minimum) sr sec fixed rate notes due 02/15/30 (5y). NC2 (02/15/27) (MWC B+50bp), then at 102.9375 101.46875,. Equity claw: 2y 40% at 105.875. Special call: 10% per year the 1st 2 years at 103. Reg S ISIN: XS2998755040, IPT: mid-to-high 6s. Price talk: 6.25%-6.50%. Final terms: EUR500m 6.00%-6.25%. Final price: 5.875%. Priced: 5.875% at 100. +375bp vs 0.00% 02/15/30.
- EUR800m (up from EUR500m and EUR350m minimum) sr sec FRN due 02/15/30 (5y). NC1 (02/15/26) (MWC B+50bp), then at 100. Reg S ISIN: XS2998755982.IPT: E+450bp at par. Price talk: E+450bp at par. Final terms: EUR800m E+425b-450bbp at par. Final term: E+425bp at par. Priced: 3mE+425bp at 100.
Originally 3-part - Dropped: Summer (BC) Bidco B Sarl US$400m (down from US$500m minimum) sr sec fixed rate notes due 2030 (5y). NC2 (MWC T+50bp). Equity claw: 2y 40%. Special call: 10% per year the 1st 2 years at 103. GS was B&D. IPT: mid-to-high 8s. Price talk: 8.25%-8.50%.
US$ additional fungible term loan upped to $500m from $250m.
Roadshow (small group meetings) 02/04-05 (investor call at 3pm UKT/10am NYT 02/04). Books closed: EUR at 3.45pm UKT (from 2:30pm UKT, and 10am UKT) 02/07 (US$ books closed at 5pm 02/06). UOP: along with US$500m (up from US$250m) additional term loan facility, to redeem its US$425m 5.50% sr sec notes due 10/31/26 (callable at 100), redeem its EUR1bn 5.75% sr sec notes due 10/31/26 (callable at 100), repay its US$99m original facility B, partial US$100m repayment of the US$110m drawn on its revolver, and US$132m for GCP. Kantar also announced on 01/17/25 the sale of its KantarMedia business to HIG Capital for around $1bn, and that it plans to use the proceeds to repay debt. Equity sponsor/owners: Bain Capital (60%) and WPP plc (40%). Biz: a global leader in marketing data analytics products and services that offers a comprehensive view of customers and customer behavior. HQ: London, UK.
Netroadshow: https://www.netroadshow.com/events/login?show=010c411f&confId=77527. Access code: Kantar-2025.