Vistra sets U.S. and euro split on $80 million equivalent add-on loan

By Sara Rosenberg

New York, Nov. 17 – Vistra Group disclosed the split of its $80 million equivalent add-on first-lien U.S. and euro term loan (B2/B), with $35 million of the debt a U.S. tranche and $45 million equivalent of the debt a euro tranche, according to a market source.

Pricing on the U.S. add-on term loan, as well as on a $252 million repriced first-lien term loan (B2/B), is Libor plus 325 basis points with a 1% Libor floor. The U.S. add-on has an original issue discount of 99.75.

The euro add-on term loan, as well as a €385 million repriced first-lien term loan (B2/B), is priced at Euribor plus 325 bps with a 0% floor. The euro add-on loan has a par issue price.

All of the first-lien term loans include 101 soft call protection for six months and amortization of 1% per annum.

Previously in syndication, pricing on the euro first-lien term loan debt was cut from Euribor plus 350 bps and the issue price for the euro add-on was tightened from 99.75.

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

The second-lien term loans are 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.

The second-lien loans are non-callable for one year.

All of the repricings were offered with a 10 bps amendment fee.

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

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.

Closing is expected during the week of Nov. 20.

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

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