Anticimex cuts spread on $402 million term loan to SOFR plus 350 bps

By Sara Rosenberg

New York, April 9 – Anticimex Inc. reduced pricing on its $402 million covenant-lite term loan B due November 2028 (B2/B) to SOFR plus 350 basis points from SOFR plus 375 bps, according to a market source.

Also, the 25 bps step-down at 4.5x first-lien net leverage was removed from the term loan and the issue price was tightened to par from 99.75, the source said.

The term loan still has a 0.5% floor and 101 soft call protection for six months.

Deutsche Bank Securities Inc. is the sole physical bookrunner on the deal. BNP Paribas Securities Corp., Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., Nordea and SEB are joint bookrunners. DNB is the Nordic bookrunner. Global Loan Agency Services Ltd. is the agent.

Recommitments were scheduled to be due at 3 p.m. ET on Tuesday, the source added.

Proceeds will be used to repay revolving credit facility borrowings, for general corporate purposes and to reprice an existing $197 million term loan B-5.

Anticimex is a Stockholm-based preventive pest control company.

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