IntraFi Network launches $200 million incremental term loan at 98 OID

By Sara Rosenberg

New York, Jan. 22 – IntraFi Network LLC (Nexus Buyer LLC) launched on Monday morning a fungible $200 million incremental covenant-lite first-lien term loan B due Dec. 13, 2028 that is talked with an original issue discount of 98, according to a market source.

Pricing on the incremental term loan is SOFR plus 450 basis points with a 0% floor.

The incremental term loan still has 101 soft call protection through June 2024, 0 bps CSA and amortization of 1% per annum.

Morgan Stanley Senior Funding Inc. is the left bookrunner on the deal.

Commitments are due on Wednesday, the source added.

Proceeds will be used to fund a shareholder distribution.

Pro forma for the transaction, the term loan B will total $700 million.

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

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