CSRA lifts term B to $650 million, sets spread at Libor plus 200 bps

By Sara Rosenberg

New York, June 9 – CSRA Inc. upsized its term loan B due Nov. 30, 2023 to $650 million from $466 million and firmed pricing at Libor plus 200 basis points, the low end of the Libor plus 200 bps to 225 bps talk, according to a market source.

As before, the term loan has a 0% Libor floor, a par issue price and 101 soft call protection for six months.

MUFG is the lead on the deal.

Recommitments were due at 4 p.m. ET on Friday, the source added.

Proceeds will be used to reprice an existing term loan B from Libor plus 250 bps with a 0.75% Libor floor and, due to the upsizing, to repay a portion of the company’s existing $570 million term loan A-1 due November 2019.

CSRA is a Falls Church, Va.-based provider of next-generation IT solutions and professional services to help government clients enhance public safety and support the well-being of U.S. citizens.

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