Legence launches $125 million incremental term loan at 99.03 OID

By Sara Rosenberg

New York, July 24 – Legence Holdings LLC was scheduled to hold a lender call at 2 p.m. ET on Monday to launch a fungible $125 million incremental first-lien term loan due Dec. 16, 2027 that is talked with an original issue discount of 99.03, which is the point of fungibility, according to a market source.

Pricing on the incremental term loan is SOFR+10 basis points CSA plus 375 bps with a 0.75% floor, in line with existing term loan pricing.

Expected term loan ratings are B2/B-.

Jefferies LLC, Societe Generale, BMO Capital Markets, MUFG and Blackstone are the arrangers on the deal.

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

Proceeds will be used for general corporate purposes, including to fund future acquisitions.

Pro forma for the transaction, the term loan will total about $1.014 billion.

Legence, formerly Therma Holdings LLC and a Blackstone portfolio company, is a San Jose, Calif.-based specialty mechanical, electrical and plumbing services provider focused on serving mission-critical facilities with a high cost of failure.

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