Citadel lifts term loan B to $500 million, revises OID to 99.875

By Sara Rosenberg

New York, Dec. 13 – Citadel Securities LP upsized its fungible incremental term loan B due July 28, 2030 to $500 million from $400 million and tightened the original issue discount to 99.875 from talk in the range of 99.25 to 99.5, according to a market source.

Pricing on the incremental term loan is SOFR+CSA plus 250 basis points with a 0% floor.

CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate, 42.826 bps six-month rate and 71.513 bps 12-month rate.

The incremental term loan has 101 soft call protection until Jan. 28, 2024, which matches the call protection on the company’s existing roughly $3.54 billion term loan B.

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

Commitments were scheduled to be due at 1 p.m. ET on Wednesday, accelerated from 5 p.m. ET on Wednesday, the source added.

Proceeds will be used with cash from the balance sheet for general corporate purposes, including trading capital.

Citadel is a Miami-based capital markets firm and a provider of market-making services to the fixed income, currency and commodity markets.

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