XPO, Cvent Holding, IMA Financial deal changes surface; Protective Industrial sets talk

By Sara Rosenberg

New York, May 17 – In the primary market on Wednesday, XPO Inc. finalized the spread on its amended and extended term loan B at the low end of guidance and tightened the issue price, and Cvent Holding Corp. (Capstone Borrower Inc.) cut the spread on its senior secured first-lien term loan B and revised original issue discount guidance.

XPO set pricing on its $700 million amended and extended term loan B (Ba1/BBB-/BBB-) due May 2028 at SOFR plus 200 basis points, the low end of the SOFR plus 200 bps to 225 bps talk, and adjusted the original issue discount to 99.5 from 99, a market source remarked.

The term loan still has a 0% floor and 101 soft call protection for six months.

Additionally, IMA Financial Group Inc. tightened the issue price on its incremental term loan, and Protective Industrial Products Inc. (PIP) released price talk on its incremental first-lien term loan.

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