Hudson River lifts incremental loan to $225 million, tightens OID

By Sara Rosenberg

New York, Jan. 13 – Hudson River Trading LLC upsized its fungible incremental first-lien term loan B due March 18, 2028 (Ba2/BB-/BB) to $225 million from $100 million and revised the original issue discount to 98.75 from 98.56, according to a market source.

Pricing on the incremental term loan remained at SOFR+CSA plus 300 basis points with a 0% floor.

CSA is 0.11448% for one month, 0.26161% for three months and 0.42826% for six months.

Amortization on the incremental term loan is 1% per annum.

The company is also looking to amend its existing facility to migrate to SOFR subject to a negative consent amendment, and seeking an amendment to its revolving credit facility to allow for the securing of a pari passu revolver under the existing general liens basket.

Goldman Sachs Bank USA, BofA Securities Inc. and JPMorgan Chase Bank are the bookrunners on the deal.

Recommitments were scheduled to be due at 11:30 a.m. ET on Thursday, the source added.

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

Hudson River Trading is a New York-based electronic market maker and liquidity provider.

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