Therma Holdings cuts spread on incremental term loans, adds repricing

By Sara Rosenberg

New York, Sept. 24 – Therma Holdings LLC (Refficiency Holdings LLC) reduced pricing on its $350 million incremental first-lien term loan due December 2027 and $67,816,310 incremental first-lien delayed-draw term loan due December 2027 to Libor plus 375 basis points from Libor plus 400 bps, according to a market source.

Furthermore, the company is now seeking a repricing of its existing $388.05 million first-lien term loan and $75 million delayed-draw term loan to Libor plus 375 bps with a 0.75% Libor floor from Libor plus 400 bps with a 0.75% Libor floor, the source said.

Also, 101 soft call protection for six months was added to the term loans.

The incremental term loan debt still has two 25 bps leverage-based step-downs and a 25 bps step-down following the consummation of a qualified initial public offering, and a 0.75% Libor floor.

The incremental funded term loan still has an original issue discount of 99.5 and the incremental delayed-draw term loan still has a discount of 99.

The repriced existing first-lien term loan is being offered at par and the repriced existing delayed-draw term loan is being offered with an original issue discount of 99, the source continued.

Jefferies LLC, Societe Generale, BMO Capital Markets Corp. and MUFG are the arrangers on the deal. Blackstone is a co-manager.

Commitments and consents are due at 11 a.m. ET on Tuesday, the source added.

Proceeds from the incremental term loans will be used to fund acquisitions.

Therma Holdings is a San Jose, Calif.-based full life-cycle energy solutions provider.

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