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VFS Global, the Zurich and Dubai headquartered provider of outsourced visa and consular services, has priced its 7-year USD tranche of $1.010 million at 250 basis points (bps) over the Secured Overnight Financing Rate (SOFR), a tightening of 50bps from guidance.
The seven-year loan is split equally between a US dollar tranche and a euro tranche for an equivalent of $2 billion.
The euro-denominated loan of €850 is priced at 275bps over Euribor, 25bps tighter than indicated.
The loans will be used for refinancing existing unitranche debt due May 2029 and pay transactions related fees and expenses.
The book runners for the facility are Barclays and Deutsche Bank. Passive book runners are Abu Dhabi Commercial Bank, Bank of America, Citi, NatWest and StanChart.
VFS Global is majority owned through investment funds managed by Blackstone Inc, along with minority stakeholders including Swiss-based Kuoni and Hugentobler Foundation.
(Writing by Brinda Darasha; editing by Seban Scaria)
