BroadStreet finalizes $410 million term loan B at Libor plus 425 bps

By Sara Rosenberg

New York, Nov. 7 – BroadStreet Partners Inc. set pricing on its $410 million seven-year term loan B (B2/B+) at Libor plus 425 basis points, the low end of the Libor plus 425 bps to 450 bps talk, according to a market source.

Also, the 101 soft call protection on the term loan B was extended to one year from six months, the source said.

The term loan B still has a 1% Libor floor and an original issue discount of 99.

Included in the term loan B is MFN for life.

RBC Capital Markets, SunTrust Robinson Humphrey Inc., ING and SMBC are the joint lead arrangers on the deal.

Proceeds will be used to refinance existing debt.

BroadStreet is a Columbus, Ohio-based insurance broker.

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