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Wrench Group firms first-lien term loan debt at Libor plus 400 bps
By Sara Rosenberg
New York, Jan. 31 – Wrench Group LLC set pricing on its $223,874,999 first-lien term loan due April 30, 2026 and on its $75 million first-lien delayed-draw term loan due April 30, 2026 at Libor plus 400 basis points, the high end of the Libor plus 375 bps to 400 bps talk, according to a market source.
As before, the term loans (B2/B) have a 0% Libor floor, a par issue price and 101 soft call protection for six months.
Jefferies LLC is the lead arranger on the deal.
Proceeds will be used to reprice the existing funded and delayed-draw term loans down from Libor plus 425 bps.
Closing is expected on Monday.
Wrench Group is a provider of home maintenance and repair services specializing in heating, ventilation and air conditioning, plumbing and electrical services.
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