BrandSafway launches $1.34 billion term loan B at SOFR plus 550 bps

By Sara Rosenberg

New York, July 18 – BrandSafway launched on Tuesday its $1.335 billion seven-year first-lien term loan B (B3/B-) with price talk of SOFR plus 550 basis points with a 0.5% floor and an original issue discount of 96, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Goldman Sachs Bank USA, JPMorgan Chase Bank, Barclays, Natixis, ING, Societe Generale, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Credit Agricole, UBS Investment Bank, Morgan Stanley Senior Funding Inc. and SMBC are the arrangers on the deal.

Commitments are due on July 25, the source added.

Proceeds will be used with other senior secured debt and a sponsor equity contribution to refinance the company’s existing first-lien term loan due 2024 and senior notes due 2025.

CD&R and Brookfield are the sponsors.

BrandSafway is an Atlanta-based provider of specialty craft services to industrial, commercial and infrastructure markets.

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