Therma Holdings reveals OID talk on $418 million of term loans

By Sara Rosenberg

New York, Sept. 20 – Therma Holdings (Refficiency Holdings) launched on Monday its fungible $350 million incremental first-lien term loan due December 2027 with original issue discount talk in the 99.5 area and its fungible $67,816,310 incremental first-lien delayed-draw term loan due December 2027 with discount talk of 99, according to a market source.

Pricing on the incremental term loan debt is Libor plus 400 basis points with two 25 bps leverage-based step-downs and a 25 bps step-down following the consummation of a qualified initial public offering, and a 0.75% Libor floor, in line with existing first-lien term loan pricing.

The incremental delayed-draw ticking fee is the full spread at close, same as the existing delayed-draw fee.

Jefferies LLC, Societe Generale, BMO Capital Markets Corp. and MUFG are the arrangers on the deal. Blackstone is a co-manager.

Commitments are due at noon ET on Sept. 27, the source added.

Proceeds will be used to fund acquisitions.

Pro forma for the transaction, the first-lien term loan will total $738.05 million and the first-lien delayed-draw term loan will total $142,816,310, the source added.

Therma Holdings is a San Jose, Calif.-based full life-cycle energy solutions provider.

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