Westinghouse to launch $3.5 billion first-lien term loan on Monday

By Sara Rosenberg

New York, Jan. 5 – Westinghouse (Brookfield WEC Holdings Inc.) is scheduled to hold a lender call at 11:30 a.m. ET on Monday to launch a $3.5 billion seven-year first-lien term loan, according to a market source.

Deutsche Bank Securities Inc. is the left lead arranger on the deal.

Price talk on the term loan is SOFR plus 300 basis points to 325 bps with two leverage-based step-downs, a 0% floor and an original issue discount of 99.5, the source said.

The term loan has 101 soft call protection for six months.

Proceeds will be used to refinance existing term loan debt due August 2025.

Commitments from existing lenders are due at noon ET on Thursday and commitments from new lenders are due at noon ET on Jan. 18, the source added.

Westinghouse is a Cranberry Township, Pa.-based provider of infrastructure services to the nuclear power sector.

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