Westinghouse term loan hits secondary; Allspring comes to market; Flow Control readies deal

By Sara Rosenberg

New York, May 23 – Westinghouse (Brookfield WEC Holdings Inc.) finalized the original issue discount on its incremental term loan at the wide end of revised guidance and then the debt freed to trade on Monday.

In more happenings, Allspring Global Investments (Allspring Buyer LLC) approached lenders with an incremental term loan B and Flow Control Group (FCG Acquisitions Inc.) joined this week’s primary calendar.

Westinghouse updated, breaks

Westinghouse firmed the original issue discount on its $550 million incremental term loan due August 2025 (B2/B/B+) at 96, the wide end of revised talk of 96 to 96.5 and wider than initial talk of 97, a market source remarked.

The incremental term loan is priced at SOFR plus 375 basis points with a 0.5% floor.

On Monday, the incremental term loan made its way into the secondary market, with levels quoted at 96 bid, 97 offered, another source added.

BMO Capital Markets, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, RBC Capital Markets, BNP Paribas Securities Corp., Barclays, Credit Agricole and Deutsche Bank Securities Inc. are leading the deal that will be used to help fund the acquisition of BHI Energy Inc.

Westinghouse is a Cranberry Township, Pa.-based provider of infrastructure services to the nuclear power sector.

Allspring holds call

Allspring Global Investments hosted a lender call at 4 p.m. ET on Monday, launching a non-fungible $250 million incremental senior secured covenant-lite term loan B (BB-) due Nov 1, 2028 at talk of SOFR plus 400 bps with 25 bps step-downs at 3.75x first-lien net leverage and upon the consummation of a qualified initial public offering, a 0.5% floor, an original issue discount of 96 to 97 and 101 soft call protection for six months, according to a market source.

Commitments are due at 5 p.m. ET on Wednesday, the source added.

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to fund a distribution to shareholders and pay related fees, expenses and original issue discount.

Allspring, formerly known as Wells Fargo Asset Management, is an asset management firm.

Flow Control on deck

Flow Control Group emerged with plans to hold a lender call at 9 a.m. ET on Tuesday to launch a non-fungible $150 million incremental first-lien term loan due April 1, 2028, a market source said.

The incremental term loan has a 0.5% floor and 101 soft call protection for six months, the source added.

Commitments are due at 2 p.m. ET on Thursday.

Credit Suisse Securities (USA) LLC and KKR Capital Markets are leading the deal that will be used to fund acquisitions under letters of intent.

Flow Control is a Charlotte, N.C.-based distributor and technical adviser for mission critical flow control and industrial automation products and related services.

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