IntraFi Network finalizes $500 million term loan at 97 OID

By Sara Rosenberg

New York, Dec. 11 – IntraFi Network LLC (Nexus Buyer LLC) firmed the original issue discount on its $500 million five-year incremental senior secured covenant-lite first-lien term loan B (B2/B-) at 97, the wide end of the 97 to 97.5 talk, according to a market source.

Pricing on the term loan remained at SOFR plus 450 basis points with a 0% floor.

The term loan still has 101 soft call protection for six months, 0 bps CSA and amortization of 1% per annum.

Morgan Stanley Senior Funding Inc., Nomura, RBC Capital Markets and UBS Investment Bank are the bookrunners on the deal. Blackstone is a co-manager. Morgan Stanley is the agent.

Proceeds will be used to fund a shareholder distribution, to repay an existing revolving credit facility balance and to pay related fees and expenses.

Closing is expected during the week of Dec. 18.

IntraFi is an Arlington, Va.-based financial technology solutions provider offering deposit placement and funding services to financial institutions.

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