Ola cuts spread on $500 million term loan B to SOFR plus 625 bps

By Sara Rosenberg

New York, Dec. 3 – Ola (ANI Technologies Pte. Ltd.) reduced pricing on its $500 million term loan B due 2026 (B3/B-) to SOFR plus 625 basis points from talk in the range of SOFR plus 650 bps to 675 bps, according to a market source.

Also, the original issue discount on the term loan firmed at 98, the tight end of the 97 to 98 talk, the source said.

The term loan still has a 0.75% floor and is still non-callable for two years, then at 105 in year three and 103 in year four. 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.

Recommitments were scheduled to be due at noon 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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