NXT Capital launches $300 million term B at Libor plus 450-475 bps

By Sara Rosenberg

New York, Nov. 7 – NXT Capital Inc. launched on Monday its $300 million six-year term loan B with price talk of Libor plus 450 basis points to 475 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan B has 101 soft call protection for six months and a leverage ratio of 4.5 times, the source said.

The company’s $350 million senior secured credit facility (B1/BB-) also includes a $50 million revolver.

RBC Capital Markets LLC and SunTrust Robinson Humphrey Inc. are the joint lead arrangers on the deal.

Commitments are due on Nov. 18, the source added.

Proceeds will be used to refinance existing debt.

Stone Point Capital is the sponsor.

NXT is a Chicago-based provider of structured financing solutions.

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