Fri 07/30/2021 06:03 AM
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UPDATE 2: 6:03 a.m. ET 7/30/2021: Urbaser has postponed its €1.63 billion seven-year term loan B due to the market backdrop, sources told Reorg.

The leads had initially set price talk at Euribor+350 bps with an OID in the range of 99 and 99.5, and subsequently widened terms to E+450 to E+475 bps with a 98.5 OID, source told Reorg.

Buysiders had grappled with the group’s high renewal and maintenance capital expenditure, which had raised concerns over the group’s capital intensity, as reported.

Platinum Equity, Urbaser and the joint bookrunners said they were encouraged by the strong investor response during the syndication process and will continue to actively monitor market conditions, sources added.

UPDATE 1: Urbaser Sets Price Talk for €1.63B TLB at E+350 Bps, OID in 99 to 99.5 Range

UPDATE 1: 10:05 a.m. ET 7/15/2021: Urbaser has set price talk for its €1.63 billion term loan B at Euribor+350 bps with an OID in the range of 99 and 99.5, sources told Reorg.

Original Story 4:31 a.m. UTC on July 14, 2021

Primary: Urbaser Markets 7Y €1.63B Cov-Lite TLB; Proceeds to Finance Acquisition by Platinum Equity, Refi Existing Debt; Global Call July 15

Company: Urbaser S.A.U.
Borrower: Luna III S.a.r.l.
Business: A global leader in Environmental Infrastructure Services with focus on waste collection, recycling and treatment; fully integrated across the value chain
Sponsor: Platinum Equity
Tranche: Term Loan B
Currency: EUR
Size: €1,630m
Maturity: 7 years
Expected Ratings: TBC
Call Protection: 101 soft call for 6 months
Covenants: Covenant-lite
UoP: To finance acquisition by Platinum Equity, refinance existing debt and pay transaction fees
Joint Global Coordinators: BofA Securities, Santander
Joint Bookrunners: Banco de Sabadell, BBVA, BNPP, CaixaBank, Credit Agricole, Deutsche Bank, Goldman Sachs, ING, Natixis, Societe Generale
Group Global Call: Thursday, 15th July @2:00pm UKT
  Dial-in details to be shared on DebtDomain
Commitment Deadline: Wednesday, 28th July @5:00pm UKT
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