Westinghouse launches $3 billion term loan at Libor plus 275 bps

By Sara Rosenberg

New York, Jan. 14 – Westinghouse (Brookfield WEC Holdings Inc.) was scheduled to hold a lender call at 3 p.m. ET on Thursday to launch a $3 billion first-lien term loan (B2/B/B+) due August 2025 that is talked at Libor plus 275 basis points with a 25 bps step-down at B1/B+ corporate ratings with stable outlooks, a 0.5% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.

Commitments are due at 5 p.m. ET on Wednesday, the source added.

Proceeds will be used to reprice an existing term loan. The company obtained the term loan last year at pricing of Libor plus 300 bps with a 25 bps step-down at B1/B+ corporate ratings with stable outlooks and a 0.75% Libor floor.

Westinghouse is a Pittsburgh-based provider of infrastructure services to a nuclear reactor fleet.

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