Franklin Square firms $700 million term loan B at SOFR plus 225 bps

By Sara Rosenberg

New York, April 18 – Franklin Square Holdings set pricing on its $700 million seven-year term loan B (Ba1/BB) at SOFR plus 225 basis points, the low end of the SOFR plus 225 bps to 250 bps talk, according to a market source.

Additionally, the original issue discount on the term loan was changed to 99.75 from 99.5, the source said.

The term loan still has a 0% floor and 101 soft call protection for six months.

JPMorgan Chase Bank is the lead on the deal.

Proceeds will be used to refinance an existing $498 million term loan B due 2025 and a $149 million term loan A, and for general corporate purposes, including share repurchases.

Franklin Square is a Philadelphia-based financial and investment services company.

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