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BGIS withdraws $916 million first-lien term loan from market
By Sara Rosenberg
New York, Oct. 20 – BGIS pulled from market its $916 million senior secured covenant-lite first-lien term loan (B3/B) due May 31, 2028 “due to market conditions”, according to a market source.
The term loan had been talked at SOFR plus 450 basis points with a 0.5% floor, an original issue discount of 98 and 101 soft call protection for six months.
Citigroup Global Markets Inc. was the lead arranger on the deal.
Proceeds were going to be used to refinance an existing first-lien term loan due May 2026, to refinance an existing second-lien term loan and to fund tuck-in acquisition activity.
BGIS is an integrated facilities management company.
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