Denali Water term loan changes surface; TerraForm modifies commitment deadline

By Sara Rosenberg

New York, May 9 – In the primary market on Monday, Denali Water Solutions LLC raised the spread on its incremental term loan, removed the CSA and finalized the original issue discount at the tight end of guidance.

The company lifted pricing on its $185 million incremental term loan to SOFR plus 462.5 basis points from SOFR plus 450 bps, removed the CSA and set the original issue discount at 96.5, the tight end of the 96 to 96.5 talk, according to a market source.

At launch, the term loan was talked with CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

As before, the term loan has a 0.75% floor and 101 soft call protection for six months.

Also, TerraForm Power moved up the commitment deadline for its first-lien green term loan, and Opry Entertainment Group (OEG Borrower LLC) joined this week’s new-issue calendar.

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