Priority Technology seeks $790 million term loan at SOFR plus 475 bps

By Sara Rosenberg

New York, April 29 – Priority Technology Holdings Inc. is in market with a $790 million seven-year term loan B (B2/B-) that is talked at SOFR plus 475 basis points with a 0.5% floor and an original issue discount of 99, according to a market source.

Truist Securities is the lead on the deal, which launched with a lender call on April 25.

Commitments are due on May 9, the source added.

Proceeds will be used to refinance an existing term loan and to repay some preferred stock.

Priority Technology is an Alpharetta, Ga.-based payments technology company.

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