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Ola launches $500 million term loan B at SOFR plus 650-675 bps
By Sara Rosenberg
New York, Nov. 29 – Ola (ANI Technologies Pte. Ltd.) held a lender call at 11 a.m. ET on Monday to launch a $500 million term loan B due 2026 (B3/B-) that is talked at SOFR plus 650 basis points to 675 bps with a 0.75% floor and an original issue discount of 97 to 98, according to a market source.
The term loan is non-callable for two years, then at 105 in year three and 103 in year four, the source said. There is a carve-out for 50% of the loan to be callable at 105 for two years with an initial public offering.
JPMorgan Chase Bank is the lead on the deal.
Commitments are due at 5 p.m. ET on Friday, the source added.
Proceeds will be used to fund an interest reserve account, to support the international business and for general corporate purposes.
Ola is an India-based ride-hailing company.
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