Castlelake cuts spread on $635 million term loan to SOFR plus 275 bps

By Sara Rosenberg

New York, Feb. 14 – Castlelake Aviation lowered pricing on its $635 million incremental first-lien term loan B (Ba3/BB/BB+) due October 2027 to SOFR plus 275 basis points from SOFR plus 300 bps, according to a market source.

Also, the original issue discount on the term loan was changed to 99.25 from 98.5, the source said.

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

Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Fifth Third, MUFG, Natixis and RBC Capital Markets are the lead arrangers on the deal.

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

Proceeds will be used to refinance existing debt, including to repay revolving credit facility borrowings and the AirAsia term loan facility, and for general corporate purposes.

Castlelake Aviation is a Dublin, Ireland-based provider of aircraft financing, leasing and servicing solutions.

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