Allspring Global finalizes $250 million term loan B at 96 OID

By Sara Rosenberg

New York, May 25 – Allspring Global Investments (Allspring Buyer LLC) firmed the original issue discount on its non-fungible $250 million incremental senior secured covenant-lite term loan B due Nov. 1, 2028 (Ba2/BB-/BB) at 96, the wide end of the 96 to 97 talk, according to a market source.

Pricing on the incremental term loan remained at 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 and 0 bps CSA.

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

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.

Closing is expected in early June.

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

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