Allspring Global term loan frees to trade; Therm-O-Disc pricing changes surface

By Sara Rosenberg

New York, May 25 – Allspring Global Investments (Allspring Buyer LLC) finalized the original issue discount on its incremental term loan B at the wide end of guidance and then the debt broke for trading on Wednesday afternoon.

Allspring Global Investments set the original issue discount on its non-fungible $250 million incremental senior secured covenant-lite term loan B due Nov 1, 2028 (Ba2/BB-/BB) at 96, the wide end of the 96 to 97 talk, according to a market source.

The incremental term loan is still priced at SOFR plus 400 basis points with 25 bps step-downs at 3.75x first-lien net leverage and upon the consummation of a qualified initial public offering, a 0.5% floor and 0 bps CSA, and has 101 soft call protection for six months.

On Wednesday, the incremental term loan made its way into the secondary market, with levels quoted at 96½ bid, 97½ offered, a trader added.

Furthermore, Therm-O-Disc Inc. (Token Buyer Inc.) lifted the spread on its first-lien term loan and modified the original issue discount.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.