NXT Capital sets $300 million term loan B at Libor plus 450 bps

By Sara Rosenberg

New York, Nov. 22 – NXT Capital Inc. firmed pricing on its $300 million six-year term loan B at Libor plus 450 basis points, the low end of the Libor plus 450 bps to 475 bps talk, according to a market source.

Also, the original issue discount on the term loan B tightened to 99.5 from 99 and the 101 soft call protection was extended to one year from six months, the source said.

In addition, the MFN sunset was removed, the restricted payment unlimited prong was decreased to 2.25 times and a minimum tangible net worth covenant of $650 million was added.

The term loan B still has a 1% Libor floor.

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.

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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