STV ups spread on $225 million term loan B to Libor plus 525 bps

By Sara Rosenberg

New York, Nov. 25 – STV Group increased pricing on its $225 million seven-year first-lien term loan B to Libor plus 525 basis points from Libor plus 450 bps and removed a leverage-based pricing step-down, according to a market source.

The term loan still has a 0% Libor floor and an original issue discount of 99.

The company’s $280 million of credit facilities (B2/B+) also include a $55 million five-year revolver.

Macquarie Capital (USA) Inc., BNP Paribas Securities Corp., BMO Capital Markets and Carlyle are the joint bookrunners on the deal.

Proceeds will be used to help fund a recapitalization of the company by the Tom Pritzker Family Business Interests advised by TPO.

Under the agreement, TPO will purchase shares in STV owned by the company’s Employee Stock Ownership Plan.

Closing is expected in December.

STV is an engineering, architectural, program/construction management, planning and environmental professional services firm with headquarters in New York and Douglassville, Pa.

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