Citadel lifts term loan to $600 million, flexes to SOFR plus 300 bps

By Sara Rosenberg

New York, Aug. 18 – Citadel upsized its incremental term loan B due February 2028 (Baa3/BBB-) to $600 million from $400 million and reduced pricing to SOFR plus 300 basis points from SOFR plus 325 bps, according to a market source.

In addition, the original issue discount on the term loan firmed at 98, the tight end of the 97 to 98 talk, the source said.

As before, the term loan has a 0% floor, CSA of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, 101 soft call protection for six months and amortization of 1% per annum.

Goldman Sachs Bank USA is the left bookrunner on the deal.

Recommitments were scheduled to be due at 2 p.m. ET on Thursday, the source added.

Proceeds will be used for additional trading capital and general corporate purposes.

The company is also amending its existing $2.963 billion term loan B and that amendment passed by majority consent.

Lenders were offered a 5 bps consent fee for the amendment.

Citadel is a Chicago-based provider of market-making services in equities, options and fixed income products.

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