Switch finalizes $400 million term loan B at Libor plus 200 bps

By Sara Rosenberg

New York, July 22 – Switch set pricing on its $400 million seven-year term loan B at Libor plus 200 basis points, the low end of the Libor plus 200 bps to 225 bps talk, according to a market source.

Additionally, the original issue discount on the term loan was tightened to 99.75 from 99.5, the source said.

The term loan still has a 0% Libor floor and 101 soft call protection for six months.

BMO Capital Markets, Wells Fargo Securities LLC, Goldman Sachs Bank USA and JPMorgan Chase Bank are the leads on the deal.

Recommitments were scheduled to be due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to amend and extend an existing term loan B due 2024.

Switch is a Las Vegas-based developer and operator of data centers.

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