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DRW Holdings lifts term loan to $100 million, firms at 99.5 OID
By Sara Rosenberg
New York, June 17 – DRW Holdings LLC upsized its fungible senior secured incremental first-lien term loan due March 1, 2028 to $100 million from $75 million and finalized the original issue discount at 99.5, the tight end of the 99.25 to 99.5 talk, according to a market source.
Pricing on the incremental term loan is Libor plus 375 basis points with a 0% Libor floor, in line with existing term loan pricing.
The incremental term loan has 101 soft call protection until Sept. 1.
Jefferies LLC is the lead on the deal.
Commitments continued to be due at noon ET on Thursday, the source added.
Proceeds will be used to increase trading capital and for general corporate purposes.
DRW is a technology-driven electronic trading firm.
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