Promontory launches $340 million term loan at 98.75 area OID

By Sara Rosenberg

New York, Oct. 6 – Promontory Interfinancial Network LLC (Nexus Buyer LLC) held a lender call at 2 p.m. ET on Tuesday to launch a fungible $340 million incremental covenant-lite first-lien term loan (B2/B-) due November 2026 that is talked with an original issue discount in the 98.75 area, according to a market source.

Pricing on the incremental term loan is Libor plus 375 basis points with a 0% Libor floor, in line with existing first-lien term loan pricing.

Nomura, Morgan Stanley Senior Funding Inc., RBC Capital Markets, UBS Investment Bank and Blackstone are the leads on the deal.

Commitments are due at 5 p.m. ET on Oct. 13, the source added.

Proceeds will be used to repay a portion of the company’s second-lien term loan, to fund a distribution to shareholders, and to pay fees and expenses.

Promontory Interfinancial is an Arlington, Va.-based financial technology solutions provider offering deposit placement and funding services to financial institutions.

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