Allspring Global accelerates term loan deadline; Flow Control Group releases price talk

By Sara Rosenberg

New York, May 24 – In the primary market on Tuesday, Allspring Global Investments (Allspring Buyer LLC) moved up the commitment deadline for its incremental term loan B.

Additionally, Flow Control Group (FCG Acquisitions Inc.) disclosed price talk on its incremental first-lien term loan in connection with its lender call.

Allspring tweaks timing

Allspring Global Investments accelerated the commitment deadline for its non-fungible $250 million incremental senior secured covenant-lite term loan B due Nov 1, 2028 (BB-) to noon ET on Wednesday from 5 p.m. ET on Wednesday, a market source said.

Talk on the term loan is SOFR plus 400 basis points with 25 bps step-downs at 3.75x first-lien net leverage and upon the consummation of a qualified initial public offering, a 0.5% floor, an original issue discount of 96 to 97 and 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc. is the left lead arranger on the deal.

Proceeds will be used to fund a distribution to shareholders and pay related fees, expenses and original issue discount.

Allspring, formerly known as Wells Fargo Asset Management, is an asset management firm.

Flow Control guidance

Flow Control Group held its lender call at 9 a.m. ET on Tuesday and, shortly before the call began, price talk on its non-fungible $150 million incremental first-lien term loan (B2/B-) due April 1, 2028 emerged as SOFR plus 475 bps with a 0.5% floor and an original issue discount of 96, a market source remarked.

The incremental term loan has 101 soft call protection for six months.

Commitments are due at 2 p.m. ET on Thursday.

Credit Suisse Securities (USA) LLC and KKR Capital Markets are leading the deal that will be used to fund acquisitions under letters of intent.

Flow Control is a Charlotte, N.C.-based distributor and technical adviser for mission critical flow control and industrial automation products and related services.

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