Fresh off its IPO, NIQ Global Intelligence isn’t wasting time tightening the screws on its balance sheet. The consumer intelligence firm announced it has refinanced and repriced more than $4 billion across its U.S. and euro-denominated term loans, plus a $750 million revolving credit facility—shaving interest spreads, extending maturities, and freeing up cash flow in the process.

The move comes after NIQ fully repaid $563 million on its revolver in late July using IPO proceeds, then deployed more capital to pay down €255 million of its euro term loan and retire CAD$123 million of its Canadian facility.

The Numbers

• $2.26B USD Term Loan — maturity extended from March 2028 to October 2030; spread cut from SOFR+3.25% to SOFR+2.50%, with a further 0.25% stepdown possible if leverage drops to 3.25x or lower.
• €1.135B Euro Term Loan — same maturity extension; spread reduced from EURIBOR+3.25% to EURIBOR+3.00%, also with a stepdown option tied to leverage.
• $750M Revolving Credit Facility — spread reduced from SOFR+2.75% to SOFR+2.25%, with two 0.25% stepdowns possible at 3.25x and 2.75x leverage thresholds.

All told, NIQ expects the refinancing to save roughly $100 million in annual interest expense, with another ~$10 million possible if performance unlocks the stepdowns.

Rating Agencies Take Note

The market liked what it saw. Moody’s bumped NIQ’s rating to B1, Fitch moved to BB-, and S&P shifted its outlook from stable to positive. “We have reduced interest expense by nearly $100 million per year,” said CFO Mike Burwell, adding that the company’s improved credit profile “was acknowledged by the rating agencies” in the upgrades.

Strategic Context

This is a textbook post-IPO capital structure cleanup: extend maturities while credit conditions are favorable, lock in lower borrowing costs, and create runway for strategic investments. For NIQ, which operates in a highly competitive data intelligence market, freeing up nine figures in annual interest savings could mean more room for tech upgrades, M&A, or simply weathering economic cycles with less financial strain.

Expect more moves like this from other recently public companies looking to turn IPO momentum into long-term financial flexibility—before the credit window tightens again.