Citco Group accelerates commitment deadline; secondary market strengthens

By Sara Rosenberg

New York, Oct. 17 – In the primary market on Monday, Citco Group moved up the commitment deadline for its term loans that launched into syndication last week.

Citco Group accelerated the commitment deadline for its $275 million five-year term loan A and $520 million 5½-year term loan B to 5 p.m. ET on Tuesday from 5 p.m. ET on Thursday, according to a market source.

Talk on the term loan A is SOFR plus 275 basis points with a 0.5% floor and an original issue discount of 98.5, and talk on the term loan B is SOFR plus 375 bps with a 0.5% floor, a discount of 97 and 101 soft call protection for one year.

Stone Point Capital Markets, UBS Investment Bank, JPMorgan Chase Bank, Citizens, U.S. Bank and Truist are the leads on the deal. UBS is the administrative agent.

Proceeds will be used to refinance an existing term loan B due September 2023 priced at Libor plus 250 bps with a 0% Libor floor.

Meanwhile, in the secondary market, levels in general were stronger as both high yield and equities saw gains during the session.

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