XO Management trims term loan B to $210 million, widens pricing

By Sara Rosenberg

New York, Dec. 3 – XO Management Holding (Xojet) downsized its first-lien term loan B to $210 million from $280 million and increased pricing to Libor plus 575 basis points from Libor plus 475 bps, according to a market source.

Also, the original issue discount talk on the term loan was changed to a range of 91 to 93 from 99.5, the call protection was revised to a 102 hard call for one year from a 101 soft call for six months, and the maturity was shortened to three years from five years, the source said.

The term loan still has a 0% Libor floor.

J.P. Morgan Securities LLC and Jefferies LLC are the leads on the deal.

Commitments are due at 3 p.m. ET on Tuesday, the source added.

Proceeds will be used to help fund the buyout of the company by Vista Global.

Closing is expected this quarter, subject to customary conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.

XO is a Brisbane, Calif.-based on-demand private aviation platform.

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