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BroadStreet flexes add-on term loan B, repricing to Libor plus 325 bps
By Sara Rosenberg
New York, May 15 – BroadStreet Partners Inc. increased pricing on its fungible $15 million add-on term loan B and repricing of its existing $579 million term loan B to Libor plus 325 basis points from Libor plus 300 bps, according to a market source.
The term loan debt still has a 1% Libor floor, a par issue price and 101 soft call protection for six months.
RBC Capital Markets LLC, Bank of America Merrill Lynch, SunTrust Robinson Humphrey Inc. and ING are the joint lead arrangers on the deal.
Commitments are due at 5 p.m. ET on Wednesday, extended from noon ET on Wednesday, the source said.
Proceeds from the add-on term loan will be used to repay revolving credit facility drawings, and the repricing will take the existing term loan down from Libor plus 375 bps with a 1% Libor floor.
BroadStreet is a Columbus, Ohio-based insurance broker.
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