Wrench Group finalizes $893 million term loan at 99.75 OID

By Sara Rosenberg

New York, Feb. 14 – Wrench Group LLC firmed the original issue discount on its roughly $893 million first-lien term loan due Oct. 30, 2028 (B2/B-) at 99.75, the tight end of the 99.5 to 99.75 talk, according to a market source.

Pricing on the term loan remained at SOFR+CSA plus 400 basis points with a 0% floor.

CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

The term loan still has 101 soft call protection for six months and a springing maturity ahead of the company’s existing second-lien term loan.

Jefferies LLC, Macquarie Capital (USA) Inc. and Antares Capital are the bookrunners on the deal.

Proceeds will be used to extend the company’s existing $744 million first-lien term loan and non-fungible $149 million incremental first-lien term loan from April 2026, reprice the incremental term loan and combine the loans into one extended tranche.

Wrench Group is a provider of home maintenance and repair services specializing in heating, ventilation and air conditioning, plumbing, electrical and water quality services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.