Franchise Group breaks; Brazos Midstream changes emerge; NielsenIQ, Atlas Air set talk

By Sara Rosenberg

New York, Jan. 31 – Franchise Group Inc. increased the size of its add-on first-lien term loan and firmed the original issue discount at the tight end of guidance, and then the debt made its way into the secondary market on Tuesday.

Franchise Group raised its non-fungible add-on first-lien term loan due March 10, 2026 to $300 million from $200 million and set the original issue discount at 95, the tight end of the 94 to 95 talk, according to a market source.

As before, the add-on term loan is priced at SOFR+CSA plus 475 basis points with a 0.75% floor and has 101 soft call protection for six months. CSA is 11.4 bps one-month rate, 26.2 bps three-month rate and 42.8 bps six-month rate.

Also, Brazos Midstream (Brazos Delaware II LLC) lowered the spread on its term loan B and modified the issue price, and NielsenIQ and Atlas Air Worldwide released price talk on their term loan transactions with launch.

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