Claros widens $763 million term loan talk to SOFR plus 450-475 bps

By Sara Rosenberg

New York, Nov. 18 – Claros Mortgage Trust Inc. changed price talk on its $763 million term loan due August 2026 to a range of SOFR+CSA plus 450 basis points to 475 bps from SOFR+CSA plus 400 bps, according to a market source.

Also, the original issue discount on the term loan was set at 99.5, the wide end of the 99.5 to 99.75 talk, the source said.

The term loan still has a 0.5% SOFR+CSA floor, CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, and 101 soft call protection for six months.

JPMorgan Chase Bank is the lead on the deal.

Commitments continue to be due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to reprice an existing term loan from Libor plus 500 bps with a 1% Libor floor.

Claros Mortgage Trust is a commercial mortgage real estate investment trust with a focus on lending on large scale, transitional assets.

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