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World Wide Technology finalizes upsized $750 million loan B at SOFR plus 325 bps, 99 OID
By Paul A. Harris
Portland, Ore., Feb. 24 – World Wide Technology Holding Co. LLC priced and allocated an upsized $750 million first-lien term loan B (Ba3/BB), according to a market source.
The deal, which was upsized from $650 million, came at a 325 basis points spread to SOFR, at the tight end of the 325 bps to 350 bps spread talk.
The loan has a 0.5% floor.
The credit facility priced at 99, rich to the 98.5 talk.
JPMorgan Chase Bank, BofA Securities Inc., PNC Capital, US Bank and Wells Fargo Securities LLC are the bookrunners on the deal.
The term loan has 101 soft call protection for six months.
Proceeds will be used for general corporate purposes, including to pay down ABL revolving credit facility borrowings.
World Wide Technology is a St. Louis-based provider of information technology supply chain solutions.
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