Chamberlain raises term B to $775 million, firms at SOFR plus 375 bps

By Sara Rosenberg

New York, Jan. 19 – Chamberlain Group LLC (Chariot Buyer LLC) upsized its non-fungible incremental covenant-lite term loan B due Nov. 3, 2028 to $775 million from $625 million, according to a market source.

In addition, pricing on the term loan firmed at SOFR plus 375 basis points, the low end of the SOFR plus 375 bps to 400 bps talk, a step-down was added to SOFR plus 350 bps at 4.75x first-lien net leverage, and the original issue discount was tightened to 99.25 from talk in the range of 98.75 to 99, the source said.

The incremental term loan still has a 0.5% floor, 101 soft call protection for six months and amortization of 1% per annum.

Security is a first-lien interest in substantially all assets.

Wells Fargo Securities LLC is the left lead arranger on the deal.

Recommitments were scheduled to be due at 1:30 p.m. ET on Friday, the source added.

Proceeds will be used to repay an existing second-lien term loan, to pay transaction-related fees and expenses, and for general corporate purposes.

Blackstone is the sponsor.

Chamberlain Group is an Oak Brook, Ill.-based provider of smart access solutions across residential and commercial properties.

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