Vistra Group tightens OID on $575 million term loan to 99.875

By Sara Rosenberg

New York, May 7 – Vistra Group revised the original issue discount on its roughly $575 million senior secured first-lien term loan due October 2022 to 99.875 from 99.75, according to a market source.

Pricing on the loan is still Libor plus 300 basis points with a 1% Libor floor and the debt still has 101 soft call protection for six months.

Goldman Sachs Bank USA is the lead bank on the deal.

Recommitments were scheduled to be due at the close of business on Monday for U.S. investors and are due at 6 a.m. ET on Tuesday for U.K. accounts, the source said.

Allocations are expected on Tuesday.

Proceeds will be used to refinance an existing $285.9 million first-lien term loan priced at Libor plus 325 bps with a 1% Libor floor, to fund an acquisition and for general corporate purposes.

Baring Private Equity is the sponsor.

Vistra Group is a provider of company formations, trust, corporate and fund administration services.

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