Ascensus lifts add-on term loan to $550 million, revises OID to 99.25

By Sara Rosenberg

New York, Feb. 9 – Ascensus Group Holdings upsized its fungible add-on term loan due August 2028 to $550 million from $300 million and widened the original issue discount to 99.25 from 99.5, according to a market source.

Pricing on the add-on term loan is SOFR+CSA plus 350 basis points with a 0.5% floor.

CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

JPMorgan Chase Bank and Stone Point Capital are the leads on the deal.

Recommitments were scheduled to be due at 11:15 a.m. ET on Friday, the source added.

Proceeds will be used to repay the company’s existing second-lien term loan in full, instead of repaying a portion of the debt.

Ascensus is a Dresher, Pa.-based provider of technology-enabled administration services to the tax-advantaged savings market.

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