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Ventia cuts incremental loan size, finalizes U.S., Australian split
By Sara Rosenberg
New York, June 16 – Ventia Finco Pty Ltd. downsized its fungible incremental senior secured term loan due May 21, 2026 to A$478.5 million equivalent from roughly A$525 million equivalent and set the split at a $200 million tranche and an A$185 million tranche, according to a market source.
Pricing on the U.S. portion of the incremental term loan is Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 97.5.
Earlier in syndication, pricing on the U.S. loan was reduced from talk in the range of Libor plus 450 bps to 475 bps and the discount was revised from the 97 area.
The Australian portion of the incremental term loan is priced at BBSY plus 550 bps with a 0% floor and an original issue discount of 97.
Pricing on the Australian loan firmed at the low end of the BBSY plus 550 bps to 575 bps talk.
Both tranches still have 101 soft call protection for one year.
Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and UBS Investment Bank are the joint bookrunners on the deal.
Proceeds will be used to fund the A$485 million acquisition of Broadspectrum, an Australian company that provides infrastructure maintenance services.
Closing is expected on June 30.
Ventia has an existing A$410 million senior secured term loan and an existing $392 million senior secured term loan.
Ventia is a provider of industrial and civil services to clients in Australia and New Zealand across telecom, roads, water, power, utilities and environmental sectors. The company was formed by a 50/50 investment partnership between funds managed by affiliates of Apollo Global Management and the Cimic Group.
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