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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.