BrightView ups spread on $1.2 billion term loan to SOFR plus 325 bps

By Sara Rosenberg

New York, April 14 – BrightView Landscapes increased pricing on its $1.2 billion seven-year term loan (B1/BB-) to SOFR plus 325 basis points from talk in the range of SOFR plus 275 bps to 300 bps, according to a market source.

Furthermore, changes were made to MFN and the incremental allowance, and J. Crew protection was added, the source said.

The term loan still has a 0.5% floor, an original issue discount of 99 and 101 soft call protection for six months.

JPMorgan Chase Bank is the lead on the deal.

Recommitments were scheduled to be due at 12:45 p.m. ET on Thursday, the source added.

Proceeds will be used to refinance existing debt and for general corporate purposes.

BrightView is a Blue Bell, Pa.-based provider of landscape services.

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