Avison Young to launch $50 million incremental term loan on Tuesday

By Sara Rosenberg

New York, April 19 – Avison Young is scheduled to hold a lender call at 9 a.m. ET on Tuesday to launch a fungible $50 million incremental covenant-lite first-lien term loan due January 2026, according to a market source.

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

Price talk on the incremental term loan is Libor plus 600 basis points with a 25 bps step-down at B3/B-/stable ratings and a 50 bps step-up at Caa3/CCC+/positive ratings, a 0% Libor floor and an original issue discount of 99, the source said.

The incremental term loan has 101 soft call protection for six months.

Expected term loan ratings are B2/B-.

Commitments are due at 5 p.m. ET on April 27, the source added.

Proceeds will be used for general corporate purposes, including tuck in acquisitions.

With this transaction, pricing on the company’s existing first-lien term loan will be reset to Libor plus 600 bps for fungibility.

Pro forma for the incremental, the first-lien term loan will total $368 million.

Avison Young is a Toronto-based commercial real estate services firm.

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