Patagonia Holdco lifts term loan B to $1.3 billion, cancels notes

By Sara Rosenberg

New York, Aug. 5 – Patagonia Holdco LLC (Lumen Latin America) upsized its seven-year term loan B (B1) to $1.3 billion from $800 million and terminated plans for a $500 million senior secured notes offering, according to a market source.

Pricing on the term loan is SOFR plus 575 basis points with a 0.5% floor and an original issue discount of 82.

The term loan has 101 soft call protection for one year.

During syndication, the discount on the term loan was revised from 90, the call protection was extended from six months and a number of changes were made to documentation.

JPMorgan Chase Bank, Goldman Sachs Bank USA, Citigroup Global Markets Inc., BofA Securities Inc., Natixis, Deutsche Bank Securities Inc. and Bank of Nova Scotia are the leads on the deal.

Proceeds will be used to help fund the buyout of Lumen Technologies’ Latin American business by Stonepeak for $2.7 billion, which was completed on Monday.

Patagonia is a Latin American communications platform with a subsea, terrestrial fiber and data center footprint.

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