BrandSafway ups term B to $1.48 billion, flexes to SOFR plus 450 bps

By Sara Rosenberg

New York, April 5 – BrandSafway upsized its first-lien term loan B due August 2030 to $1.478 billion from $1.428 billion and reduced pricing to SOFR plus 450 basis points from talk in the range of SOFR plus 475 bps to 500 bps, according to a market source.

In addition, the issue price on the term loan firmed at par, the tight end of the 99.875 to par talk, the source said.

The term loan still has a 0.5% floor, 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, 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 noon ET on Friday, the source added.

Proceeds will be used to reprice an existing $1.328 billion term loan B down from SOFR plus 550 bps with a 0.5% floor, and the fungible $150 million add-on being raised will be used to repay revolving credit facility borrowings.

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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