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Plusgrade launches $420 million term loan B at SOFR plus 450 bps
By Sara Rosenberg
New York, Jan. 18 – Plusgrade Inc. launched on Thursday its $420 million term loan B due 2031 with price talk of SOFR plus 450 basis points with a 0% floor and an original issue discount of 98.5 to 99, according to a market source.
The term loan has 101 soft call protection for six months.
JPMorgan Chase Bank, Barclays, BMO Capital Markets, Wells Fargo Securities LLC and Bank of Nova Scotia are the lead arrangers on the deal. JPMorgan is the administrative agent.
Commitments are due at 5 p.m. ET on Jan. 26.
Proceeds will be used to fund an investment in the company by General Atlantic.
Plusgrade is a Montreal-based provider of ancillary revenue solutions for the travel industry.
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