Legence finalizes $155 million incremental term loan OID at 99.25

By Sara Rosenberg

New York, July 27 – Legence Holdings LLC firmed the original issue discount on its fungible $155 million incremental first-lien term loan due Dec. 16, 2027 (B2/B-) at 99.25, the tight end of revised talk of 99.03 to 99.25 and tighter than initial talk of 99.03, 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.

Earlier in syndication, the incremental term loan was upsized from $125 million.

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

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

Pro forma for the transaction, the term loan totals about $1.044 billion.

Legence, formerly Therma Holdings LLC, is a Blackstone-owned 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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