Ankura Consulting launches $577.1 million term B at SOFR plus 400 bps

By Sara Rosenberg

New York, Jan. 22 – Ankura Consulting Group LLC was scheduled to hold a lender call at 1 p.m. ET on Monday to launch a $577.1 million covenant-lite first-lien term loan due March 2028 that is talked at SOFR plus 400 basis points with a 0.75% floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months and 0 bps CSA, the source said.

Deutsche Bank Securities Inc. is the left bookrunner on the deal and the administrative agent.

Commitments are due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to reprice an existing $577.1 million first-lien term loan due March 2028 down from SOFR+CSA plus 450 bps with a 0.75% floor. CSA on the existing loan is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Ankura is a specialty consulting platform.

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