T-Mobile Netherlands B.V. has laid out price talk on the €2 billion term loan B backing its buyout by Apax and Warburg Pincus, with the seven-year facility guided at E+400 with a 0% floor, offered at 99.5.

These terms suggest a yield to maturity of 4.15%, while the transaction also carries a margin ratchet of +/-15 basis points linked to environmental, social and governance-related key performance indicators. The covenant-lite facility also has six months of 101 soft-call protection.

The deal launched with a global investor call today. Small group calls will be held this week until Nov. 10, and commitments are due Nov. 18.

Morgan Stanley (sole physical), Barclays and Deutsche Bank are joint global coordinators and mandated lead arrangers on the deal. Acting as mandated lead arrangers on the transaction are ABN Amro, Bank of China, BNP Paribas, Commerzbank, Credit Suisse, ING, Jefferies, KKR CM, Mizuho, MUFG, NatWest, Nomura, Rabobank, RBC, Santander, SMBC, Societe Generale CIB, Standard Chartered and UniCredit.

The sponsors announced their acquisition of the asset from Deutsche Telekom in September, in a transaction that values the Dutch mobile carrier at €4.8 billion. T-Mobile Netherlands is one of the largest providers of telecom services in the Netherlands, offering mobile as well as fixed broadband.