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HomeServe, Gentiva term loans free to trade; New Fortress Energy readies deal
By Sara Rosenberg
New York, Oct. 13 – HomeServe North America lowered pricing on its term loan B and made some revisions to documentation, and Gentiva increased the size of its add-on term loan B, and then both of these deals made their way into the secondary market on Friday.
HomeServe trimmed pricing on its $1.05 billion seven-year term loan B (B1/BB-) to SOFR plus 300 basis points from talk in the range of SOFR plus 325 bps to 350 bps, according to a market source.
In addition, the MFN was changed to 50 bps with a 12-month sunset from 100 bps with a six-month sunset, the MFN carve-out for permitted acquisitions or other permitted investments was removed, the re-allocation between general restricted payments and general RDP baskets was removed, and inter-company investments in non-guarantors was revised to 100% LTM EBITDA from unlimited, the source said.
Furthermore, New Fortress Energy Inc. (NFE) joined the near-term primary calendar with plans for a new senior secured first-lien term loan B.
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