Tricor Group firms $760 million term loan at SOFR plus 400 bps

By Sara Rosenberg

New York, Feb. 10 – Tricor Group (Thevelia (US) LLC) set pricing on its $760 million seven-year first-lien term loan (B2/B/B+) at SOFR+CSA plus 400 basis points, the low end of the SOFR+CSA plus 400 bps to 425 bps talk, according to a market source.

Furthermore, the original issue discount on the term loan firmed at 99, the wide end of the 99 to 99.5 talk, the source said.

The term loan still has a 0.5% floor, CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, and 101 soft call protection for six months.

Ticking fees on the term loan are half the margin from days 61 to 90 and the full margin thereafter.

The company is also getting a $260 million second-lien term loan that has been fully pre-placed.

Barclays, Goldman Sachs Bank USA, HSBC Securities (USA) Inc., Nomura, MUFG, Credit Agricole and Standard Chartered are the joint bookrunners on the deal. Barclays is the administrative agent.

Proceeds will be used to help fund the buyout of the company by Baring Private Equity Asia from Permira. The transaction has an enterprise value of $2.76 billion.

Closing is expected in the first half of this year, subject to regulatory approvals.

Tricor is a Hong Kong-based business expansion specialist.

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