Allspring launches $250 million term loan B at SOFR plus 400 bps

By Sara Rosenberg

New York, May 23 – Allspring Global Investments (Allspring Buyer LLC) held a lender call at 4 p.m. ET on Monday to launch a non-fungible $250 million incremental senior secured covenant-lite term loan B due Nov 1, 2028 (BB-) that is talked at SOFR plus 400 basis points with a 0.5% floor and an original issue discount of 96 to 97, according to a market source.

The term loan has 25 bps step-downs at 3.75x first-lien net leverage and upon the consummation of a qualified initial public offering, 101 soft call protection for six months and amortization of 1% per annum, the source said.

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

Commitments are due at 5 p.m. ET on Wednesday, the source added.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.