Teneo launches $80 million incremental term loan at SOFR plus 525 bps

By Sara Rosenberg

New York, Feb. 15 – Teneo launched on Tuesday its fungible $80 million incremental first-lien term loan due July 2025 (B2/B) with price talk of SOFR+CSA plus 525 basis points with a 1% floor and an original issue discount of 98.5 to 99, according to a market source.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Amortization on the incremental term loan is 1% per annum.

The company is also seeking an amendment to its existing credit facility to migrate to SOFR subject to a negative consent amendment and refresh the incremental debt capacity under the free and clear basket, the source said.

Goldman Sachs Bank USA is the lead arranger on the deal.

Commitments and consents are due at noon ET on Feb. 23, the source added.

Proceeds from the incremental term loan will be used to repay revolving credit facility borrowings and fund future acquisitions.

CVC Capital Partners is the sponsor.

Teneo is a New York-based CEO advisory firm.

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