Infra Group flexes €600 million term loan B to Euribor plus 425 bps

By Sara Rosenberg

New York, Sept. 22 – Infra Group (Finco Utilitas BV) reduced pricing on its €600 million seven-year term loan B (B2/B) to Euribor plus 425 basis points from Euribor plus 450 bps, according to a market source.

Also, the original issue discount talk on the term loan was revised to a range of 99 to 99.5 from a range of 98 to 99 and some changes were made to documentation, the source said.

The term loan still has a 0% floor and 101 soft call protection for six months.

Citigroup Global Markets Inc. is the sole physical bookrunner on the deal. Goldman Sachs, Natixis, Bank of Ireland, RBC Capital Markets, Mizuho and CIC are mandated lead arrangers and bookrunners. Kroll is the administrative agent.

Commitments are due at 10 a.m. ET on Monday, accelerated from 9 a.m. ET on Tuesday, the source added.

Proceeds will be used with equity to fund the acquisition of a majority stake in the company by PAI and refinance existing debt. PAI is joining current investors ICG, Andera Partners and management.

Closing is subject to customary regulatory approvals.

Infra Group is a Belgium-based multi-disciplinary network infrastructure services provider.

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