Blackstone Mortgage term loan B-4 breaks; Barracuda Networks, Lightstone price talk surfaces

By Sara Rosenberg

New York, May 2 – Blackstone Mortgage Trust Inc. increased the size of its incremental term loan B-4 and firmed the spread at the wide end of guidance, and then the debt made its way into the secondary market on Monday.

Blackstone raised its non-fungible incremental term loan B-4 due 2029 to $500 million from $400 million and set pricing at SOFR plus 350 basis points, the high end of the SOFR plus 325 bps to 350 bps talk, according to a market source.

As before, the term loan has a 0.5% floor, an original issue discount of 98.5 and 101 soft call protection for six months, and no CSA.

In other news, Barracuda Networks Inc. and Lightstone Holdco LLC disclosed price talk with launch, and Therm-O-Disc Inc., BRP Inc. (Bombardier Recreational Products Inc.) and Cambrex Corp. joined this week’s primary calendar.

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