Cross Financial flexes $438 million term loan to SOFR plus 350 bps

By Sara Rosenberg

New York, Jan. 19 – Cross Financial Corp. reduced pricing on its $438 million term loan B due September 2027 to SOFR plus 350 basis points from SOFR plus 375 bps, according to a market source.

The term loan still has a 0.75% floor, a par issue price and 101 soft call protection for six months.

JPMorgan Chase Bank is the lead on the deal.

Recommitments were scheduled to be due at 1 p.m. 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.

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