Cross Financial launches $438 million term loan at SOFR plus 375 bps

By Sara Rosenberg

New York, Jan. 16 – Cross Financial held a lender call at 11 a.m. ET on Tuesday to launch a $438 million term loan B due September 2027 that is talked at SOFR plus 375 basis points with a 0.75% floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

JPMorgan Chase Bank is the lead on the deal.

Commitments are due at noon ET on Friday, the source added.

Proceeds will be used to reprice an existing term loan down from SOFR+ARRC CSA plus 400 bps with a 0.75% floor.

Cross Financial is an insurance broker.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.