Ufinet cuts spread on $1.14 billion term loan to SOFR plus 425 bps

By Sara Rosenberg

New York, Feb. 10 – Ufinet (Zacapa) lowered pricing on its $1.135 billion seven-year covenant-lite first-lien term loan (B2/B-) to SOFR plus 425 basis points from SOFR plus 450 bps and added a 25 bps step-down at 0.5x inside closing first-lien net leverage, according to a market source.

Also, the original issue discount on the term loan firmed at 99.5, the tight end of the 99 to 99.5 talk, the source said.

The term loan still has a 0.5% floor and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, Barclays, UBS Investment Bank, Natixis, Bank of Nova Scotia, Santander and Credit Agricole are the lead arrangers on the deal.

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

Proceeds will be used to fund a majority investment in the company by the Seventh Cinven Fund for an enterprise value of about €2.5 billion.

Ufinet is a Madrid-based provider of fiber infrastructure and transmission services to telecom operators.

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