BlueTriton lifts term B to $400 million, firms at SOFR plus 400 bps

By Sara Rosenberg

New York, Feb. 27 – BlueTriton Brands (Triton Water Holdings Inc.) upsized its non-fungible incremental senior secured covenant-lite term loan B due March 31, 2028 to $400 million from $300 million and set pricing at SOFR plus 400 basis points, the low end of the SOFR plus 400 bps to 425 bps talk, according to a market source.

The term loan still has a 25 bps pricing step-down upon an initial public offering, a 0.5% floor, 0 bps CSA, an original issue discount of 98, 101 soft call protection for six months and amortization of 1% per annum.

Morgan Stanley Senior Funding Inc. is the bookrunner on the deal.

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

BlueTriton is a Stamford, Conn.-based bottled water supplier.

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