FirstStudent & FirstTransit incremental term loans free to trade

By Sara Rosenberg

New York, June 29 – FirstStudent & FirstTransit saw its incremental term loan debt make its way into the secondary market on Wednesday.

The company’s non-fungible $720 million incremental term loan B due July 21, 2028 and non-fungible $50 million incremental term loan C due July 21, 2028 freed up in the afternoon, with levels quoted at 92 bid 93 offered, a market source remarked.

Pricing on the term loans, which were sold as a strip, is SOFR+10 basis points CSA plus 400 bps with a 0.5% floor. The debt was sold at an original issue discount of 92, and has a 7.5 bps ESG permanent step-down based on outlined KPI, tested in June 2025, and 101 soft call protection for six months.

During syndication, the discount on the term loans widened from talk in the range of 94 to 95.

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