IntraFi Network firms $540 million term loan at Libor plus 625 bps

By Sara Rosenberg

New York, Nov. 1 – IntraFi Network LLC (Nexus Buyer LLC) finalized pricing on its $540 million eight-year covenant-lite second-lien term loan (Caa2/CCC) at Libor plus 625 basis points, the low end of the Libor plus 625 bps to 650 bps talk, according to a market source.

The term loan still has a 0.5% Libor floor, an original issue discount of 99, and hard call protection of 102 in year one and 101 in year two.

Nomura and Guggenheim are the arrangers on the deal. Blackstone is a co-manager.

Proceeds will be used to fund a distribution to shareholders and pay related fees and expenses.

Closing is expected early this month.

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

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