BroadStreet lifts term loan B to $225 million, revises OID to 98

By Sara Rosenberg

New York, Aug. 4 – BroadStreet Partners Inc. upsized its non-fungible term loan B due Jan. 20, 2027 to $225 million from $175 million and changed the original issue discount to 98 from 97, according to a market source.

Pricing on the term loan remained at Libor plus 375 basis points with a 1% Libor floor.

The term loan still has 101 soft call protection for six months.

RBC Capital Markets LLC, BofA Securities Inc., Barclays, BMO Capital Markets, Bank of Nova Scotia and Truist are the joint lead arrangers on the deal.

Commitments continued to be due at noon ET on Tuesday, the source added.

Proceeds will be used to repay revolving credit facility borrowings and put cash on the balance sheet.

The new loan is co-terminus with the company’s existing $1.108 billion term loan B.

BroadStreet is a Columbus, Ohio-based insurance broker.

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