Infra Group upsizes term loan to €620 million, tightens pricing to Euribor plus 400 bps at 99.5

By Paul A. Harris

Portland, Ore., Sept. 25 – Infra Group (Finco Utilitas BV) upsized its seven-year term loan B (B2/B) to €620 million from €600 million and tightened pricing, according to a market source.

The revised spread is Euribor plus 400 basis points, down from 425 bps; initial guidance was Euribor plus 450 bps.

The deal launched at 99.5, at the rich end of the 99 to 99.5 price talk. Earlier price guidance was 98 to 99.

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.

Recommitments are due at 5 a.m. ET on Tuesday.

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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