Vistra cuts spread on euro first-lien loan to Euribor plus 325 bps

By Sara Rosenberg

New York, Nov. 16 – Vistra Group reduced pricing on its euro first-lien term loan debt to Euribor plus 325 basis points from Euribor plus 350 bps and tightened the issue price for euro new money to par from 99.75, according to a market source.

The debt consists of an $80 million equivalent add-on first-lien U.S. and euro term loan (B2/B) and a €385 million repriced first-lien term loan (B2/B).

The euro first-lien term loan debt still has a 0% floor.

The company is also getting a $252 million repriced first-lien term loan (B2/B), a $36 million repriced second-lien term loan (B3/CCC+) and a €29 million repriced second-lien term loan (B3/CCC+).

Pricing on the U.S. first-lien term loan debt remained at Libor plus 325 bps with a 1% Libor floor with the U.S. portion of the add-on loan still offered at an original issue discount of 99.75.

The second-lien term loans are still priced at Libor/Euribor plus 725 bps, with the U.S. tranche having a 1% Libor floor and the euro tranche having a 0% floor.

As before, the first-lien term loans include 101 soft call protection for six months and amortization of 1% per annum, the second-lien loans are non-callable for one year, and all of the repricings are offered with a 10 bps amendment fee.

Goldman Sachs Bank USA and HSBC Securities (USA) Inc. are the leads on the deal.

Recommitments for the euro loan were due at the close of business U.K. time on Thursday, the source added.

Proceeds from the add-on term loan will be used to prepay a portion of the existing second-lien term loan debt resulting in the $36 million and €29 million tranche sizes. The repricings will take the U.S. first-lien term loan down from Libor plus 375 bps with a 1% Libor floor, revise euro first-lien term loan pricing from Euribor plus 300 bps with a 1% floor, and take the second-lien term loans down from Libor/Euribor plus 800 bps with a 1% Libor floor.

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

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