Ankura lifts spread on $577.1 million term loan to SOFR plus 425 bps

By Sara Rosenberg

New York, Jan. 26 – Ankura Consulting Group LLC increased pricing on its $577.1 million covenant-lite first-lien term loan due March 2028 to SOFR plus 425 basis points from SOFR plus 400 bps and added a 25 bps step-down if corporate ratings are B2/B with a stable outlook, according to a market source.

As before, the term loan has a 0.75% floor, a par issue price, 101 soft call protection for six months and 0 bps CSA.

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

Recommitments were scheduled to be due at 1 p.m. ET on Friday, 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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