BroadStreet revises $135 million add-on term loan B OID to 99.75

By Sara Rosenberg

New York, July 24 – BroadStreet Partners Inc. tightened the original issue discount on its fungible $135 million add-on term loan B (B2) to 99.75 from 99.5, according to a market source.

Pricing on the add-on term loan is Libor plus 325 basis points with a 1% Libor floor, in line with the company’s existing $735 million term loan B.

The add-on term loan has 101 soft call protection for six months.

RBC Capital Markets LLC, BofA Securities Inc., BMO Capital Markets, Barclays, Bank of Nova Scotia and SunTrust Robinson Humphrey Inc. are the joint lead arrangers.

Recommitments were scheduled to be due at 5 p.m. ET on Wednesday, the source said.

Allocations are expected on Thursday morning.

Proceeds will be used for acquisitions and to repay revolving credit facility borrowings.

BroadStreet is a Columbus, Ohio-based insurance broker.

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