FullBloom firms $385 million term loan B at SOFR plus 425 bps

By Sara Rosenberg

New York, Dec. 10 – FullBloom set pricing on its $385 million term loan B due 2028 (B2/B-) at SOFR+CSA plus 425 basis points, the low end of the SOFR+CSA plus 425 bps to 450 bps talk, according to a market source.

In addition, the term loan now has a 25 bps step-down at 3.99 first-lien leverage, revised from a 25 bps step-down at 4.24x first-lien leverage and a 25 bps step-down at 4.74x first-lien leverage, the source said.

Furthermore, the MFN was changed to 50 bps with a 12-month sunset and no carve-outs from 75 bps with a six-month sunset.

The term loan still has a 25 bps step-down upon an initial public offering, a 0.75% floor, an original issue discount of 99, CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, and 101 soft call protection for six months.

JPMorgan Chase Bank, Jefferies LLC, Goldman Sachs Bank USA, Macquarie Capital (USA) Inc. and KKR Capital Markets are the leads on the deal.

Recommitments were scheduled to be due at 10 a.m. ET on Friday, the source added.

Proceeds will be used to help fund the buyout of the company by American Securities.

FullBloom is a provider of special education, instructional intervention, behavioral health and professional development solutions.

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