Corporation Service sets $1.25 billion term B at SOFR plus 325 bps

By Sara Rosenberg

New York, Aug. 9 – Corporation Service Co. (CSC) firmed pricing on its $1.25 billion seven-year term loan B at SOFR+CSA plus 325 basis points, the low end of revised talk of 325 bps to 350 bps and down from initial talk in the range of 375 bps to 400 bps, according to a market source.

The term loan B still has a 0.5% floor, CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, an original issue discount of 97, 101 soft call protection for one year and a ticking fee of the full margin after 30 days.

Earlier in syndication the discount on the term loan B was tightened from talk in the range of 95 to 96.

The company has already syndicated a roughly $1.209 billion term loan A priced at SOFR plus 250 bps and a €775 million term loan A.

BofA Securities Inc., Jefferies LLC and Wells Fargo Securities LLC are the leads on the deal (B1/BB-/BBB-).

Proceeds will be used with cash on hand to fund the acquisition of Intertrust NV for €20 in cash per share, or about €1.8 billion, and to refinance existing debt.

Corporation Service is a Wilmington, Del.-based provider of corporate, legal, tax and digital brand services. Intertrust is an Amsterdam-based provider of tech-enabled fund and corporate solutions.

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