IntraFi Network launches $500 million term loan at SOFR plus 450 bps

By Sara Rosenberg

New York, Dec. 5 – IntraFi Network LLC (Nexus Buyer LLC) launched on Tuesday its $500 million five-year incremental senior secured covenant-lite first-lien term loan B (B2/B-) with price talk of SOFR plus 450 basis points with a 0% floor and an original issue discount of 97 to 97.5, according to a market source.

The term loan has 101 soft call protection for six months, 0 bps CSA and amortization of 1% per annum, the source said.

Morgan Stanley Senior Funding Inc., Nomura, RBC Capital Markets and UBS Investment Bank are the bookrunners on the deal. Blackstone is a co-manager. Morgan Stanley is the agent.

Commitments are due at 3 p.m. ET on Monday, the source added.

Proceeds will be used to fund a shareholder distribution, to repay an existing revolving credit facility balance and to pay related fees and expenses.

IntraFi is an Arlington, Va.-based financial technology solutions provider offering deposit placement and funding services to financial institutions.

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