Blue Triton Brands talks $300 million incremental loan at SOFR plus 400-425 bps, 98 OID

By Paul A. Harris

Portland, Ore., Feb. 21 – Blue Triton Brands (Triton Water Holdings, Inc.) talked a $300 million incremental senior secured term loan B (B2/B) at SOFR plus 400 basis points to 425 bps atop a 0.5% floor and an original issue discount of 98, a market source said on Wednesday.

There is no CSA.

The spread is subject to a 25 bps step-down upon the consummation of an initial public offering.

The deal comes with a 101 soft call for six months.

The loan amortizes at an annual rate of 1%.

There are no financial covenants.

Commitments are due at noon ET on Feb. 28.

Morgan Stanley is the lead.

The Stamford, Conn.-based bottled water supplier plans to use the proceeds to fund a distribution to shareholders.

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