Vistra flexes first-lien term loan to Libor/Euribor plus 375 bps

By Sara Rosenberg

New York, July 20 – Vistra Group reduced pricing on its $515 million seven-year dollar and euro first-lien covenant-light term loan (B1) to Libor/Euribor plus 375 basis points from talk of Libor/Euribor plus 400 bps to 425 bps, according to a market source.

Also, the original issue discount on the first-lien term loan was revised to 99.5 from 99, the source said.

The first-lien term loan still has a 1% floor and 101 soft call protection for six months.

In addition, pricing on the company’s $185 million eight-year dollar and euro second-lien term loan (B2) firmed at Libor/Euribor plus 800 bps, the low end of the Libor/Euribor plus 800 bps to 825 bps talk, and the discount tightened to 99.5 from 98.5, the source continued.

The second-lien term loan still has a 1% floor and call protection of 102 in year one and 101 in year two.

The company’s $750 million credit facility also provides for a $50 million revolver (B1).

Recommitments from U.S. investors were due at the end of the day on Monday, and are due from European investors at 10 a.m. BST on Tuesday, the source added.

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Jefferies Finance LLC and DBS Bank are the leads on the deal.

Proceeds will be used to help fund the buyout of the company by Baring Private Equity Asia from IK Investment Partners.

Closing is subject to regulatory approvals.

Vistra Group is a Hong Kong-based provider of company formations, trust, corporate and fund administration services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.