THG plc (LON:THG) has reported that its €445 million Term Loan B has this week traded above par for the first time since issuance in March 2025. Notably, this represents the highest trading price achieved by any THG TLB, including the Group’s previous €600 million TLB, since November 2021, reflecting lender confidence following successive positive trading updates across 2025 and 2026.
The loan is trading significantly above the issuance price and the European Leveraged Loan Index, with the TLB price having increased by 500bps since 2nd January 2026, leading to a reduction in yield by c.1.3%. THG’s TLB has outperformed the European Leveraged Loan Index by c.400 bps over the same period.
