BrandSafway trims term loan size, then returns to original amount

By Sara Rosenberg

New York, July 25 – BrandSafway downsized its seven-year first-lien term loan B (B3/B-) to $1.1 billion from $1.335 billion and then returned the size to $1.335 billion later in the day, according to a market source.

Upon downsizing the loan, the company’s senior secured notes offering was upsized to $1.57 billion from $1.335 billion, but then it too was returned to its original size of $1.335 billion in the afternoon, the source said.

Also, some changes were made to documentation, the source said.

Pricing on the term loan remained at SOFR plus 550 basis points with a 0.5% floor and an original issue discount of 96.

The term loan still has 101 soft call protection for six months and amortization of 1% per annum.

Goldman Sachs Bank USA, JPMorgan Chase Bank, Barclays, Natixis, ING, Societe Generale, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Credit Agricole, UBS Investment Bank, Morgan Stanley Senior Funding Inc. and SMBC are the arrangers on the deal.

Recommitments were scheduled to be due at 4 p.m. ET on Tuesday, the source added.

Proceeds will be used with the notes and a sponsor equity contribution to refinance the company’s existing first-lien term loan due 2024 and senior notes due 2025.

CD&R and Brookfield are the sponsors.

BrandSafway is an Atlanta-based provider of specialty craft services to industrial, commercial and infrastructure markets.

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