BlueCrest launches amendment to migrate term loans to SOFR

By Sara Rosenberg

New York, June 27 – BlueCrest (DMT Solutions Global) launched a negative consent amendment to shift its $191 million term loan B due July 2024 and $237 million term loan B-2 due July 2024 to SOFR from Libor and add a credit spread adjustment, according to a market source.

The CSA being offered is the ARRC standard of 11.448 basis points one-month rate, 26.161 bps three-month rate, 42.826 bps six-month rate and 71.513 bps one-year rate, the source said.

As a result of the amendment, pricing on the term loan B (B2/B-) will be SOFR+CSA plus 750 bps, revised from Libor plus 750 bps, and pricing on the term loan B-2 (B2/B-) will be SOFR+CSA plus 700 bps, revised from Libor plus 700 bps.

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

The amendment deadline is Friday, the source added.

BlueCrest is a Danbury, Conn.-based technology provider that offers enterprise software, printers, inserters, sorters and parcel solutions.

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