Visual Comfort launches amendment to shift term loans to SOFR

By Sara Rosenberg

New York, June 5 – Visual Comfort & Co. (VC GB Holdings I Corp.) launched on Monday a negative consent amendment to transition its $864 million first-lien term loan due July 2028 (B1/B-) and $295 million second-lien term loan due July 2029 (Caa1/CCC) to SOFR from Libor and add a credit spread adjustment, according to a market source.

The CSA being offered is 10 basis points one-month rate, 15 bps three-month rate and 25 bps six-month rate, the source said.

Specifically, the first-lien term loan pricing would move to SOFR+CSA plus 350 bps from Libor plus 350 bps, and the second-lien term loan pricing would move to SOFR+CSA plus 675 bps from Libor plus 675 bps.

Deutsche Bank Securities Inc. is the lead on the deal.

The amendment deadline is 5 p.m. ET on June 12, the source added.

Visual Comfort is a Houston-based provider of decorative and functional lighting products.

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