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Vistage revises commitment deadline for $445 million first-lien term loan
By Sara Rosenberg
New York, June 27 – Vistage Worldwide accelerated the commitment deadline for its $445 million first-lien term loan (B1/B) to 5 p.m. ET on Thursday from July 6, according to a market source.
Talk on the first-lien term loan is SOFR+CSA plus 525 basis points with a 0.75% floor, an original issue discount of 97.25 and 101 soft call protection for six months.
CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.
The company’s $630 million of credit facilities also include a $50 million revolver and a $135 million privately placed second-lien term loan.
Golub Capital, Macquarie Capital (USA) Inc., Truist and Capital One are the joint lead arrangers on the deal.
Proceeds will be used to help fund the buyout of the company by Gridiron Capital from Providence Equity.
Closing is expected in July, subject to customary conditions.
Vistage is a San Diego-based member-based advisory company for executives of small and medium-sized businesses.
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