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Allspring launches $250 million term loan B at SOFR plus 400 bps
By Sara Rosenberg
New York, May 23 – Allspring Global Investments (Allspring Buyer LLC) held a lender call at 4 p.m. ET on Monday to launch a non-fungible $250 million incremental senior secured covenant-lite term loan B due Nov 1, 2028 (BB-) that is talked at SOFR plus 400 basis points with a 0.5% floor and an original issue discount of 96 to 97, according to a market source.
The term loan has 25 bps step-downs at 3.75x first-lien net leverage and upon the consummation of a qualified initial public offering, 101 soft call protection for six months and amortization of 1% per annum, the source said.
Morgan Stanley Senior Funding Inc. is the left lead arranger on the deal.
Commitments are due at 5 p.m. ET on Wednesday, the source added.
Proceeds will be used to fund a distribution to shareholders and pay related fees, expenses and original issue discount.
Allspring, formerly known as Wells Fargo Asset Management, is an asset management firm.
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