Commentary & Deal Flow

Villa Dutch Bidco BV/Finco BV (House of HR) (HOUSEH) EUR425m 144A/Reg S sr sec1st lien notes due 2029 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the 1st 3 years at 103. B2/B (stable/stable). Via JPM (B&D)/Barc/SocGen jt books. NY law. List ISE. Virtual roadshow began 09/26 (investor call at 12pm UKT 09/26). Pricing was expected late 09/26 week. UOP: along with EUR1.02bn sr sec 1st lien term loan B, EUR125m delayed draw sr sec 1st lien term loan (EUR51m drawn at closing) and EUR310m sr sec 2nd lien term loan (Caa2/--) via Barc/JPM/SocGen+ (lender call 09/21, small group meetings 09/21-22, commitments due 09/29), to fund the acquisition of a 55% stake in the House of HR by Bain from Naxicap for an enterprise value of approx EUR3bn, and repay existing debt (EUR2.684bn net debt). Naxicap and House of HR's founders will retain ownership of about 22.5% and managers about 22.5%. Shareholders will contribute around EUR1.09bn in equity (EUR599m new sponsor equity and EUR490m rollover equity). Closing is expected in Q4. Biz: European staffing services provider. HQ: Roeselare, Belgium. (Acquisition announced 05/28/2022).

+++10/05/2022 update: postponed due to market conditions.