Teneo talks $690 million term loan at SOFR plus 475-500 bps at 99; commitments due Thursday

By Paul A. Harris

Portland, Ore., Feb. 26 – Teneo Global LLC talked its $690 million seven-year covenant-lite first-lien term loan (B2) at SOFR plus 475 basis points to 500 bps, atop a 1% floor, at an original issue discount of 99. The deal has no credit spread adjustment.

Commitments are due noon ET on March 6.

The borrowing entities are Teneo Holdings LLC and Thor FinCo LLC.

The $780 million credit facility also includes a $90 million revolver (B2), which features a springing first-lien covenant.

Administrative agent Nomura is the left arranger. HSBC, Deutsche Bank and Santander are the joint arrangers.

The New York-based financial services provider plans to use the proceeds to refinance existing credit facilities and fund cash to its balance sheet.

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