Rosen Group launches $1.15 billion term loan at SOFR plus 375-400 bps

By Sara Rosenberg

New York, Feb. 13 – Rosen Group held a lender call at 10 a.m. ET on Tuesday to launch a $1.15 billion seven-year senior secured term loan B that is talked at SOFR plus 375 basis points to 400 bps with a 0% floor and an original issue discount of 98.5 to 99, according to a market source.

The term loan has two 25 bps pricing step-downs at 0.25x and 0.5x inside closing date first-lien net leverage, and 101 soft call protection for six months, the source said.

The company’s $1.45 billion of credit facilities (B) also include a $300 million 6.5-year revolver.

Barclays, Antares Capital, BNP Paribas Securities Corp., Credit Agricole, Mizuho, Natixis, RBC Capital Markets, Santander and UBS Investment Bank are the lead arrangers on the deal. Barclays is the administrative agent.

Commitments are due at 5 p.m. ET on Feb. 22, the source added.

Proceeds will be used to help fund the buyout of the company by Partners Group from Hermann Rosen, founder of Rosen Group, and to pay fees, costs and expenses. Hermann Rosen will reinvest into the company alongside Partners Group.

Closing is expected in the first half of this year, subject to regulatory approvals and other customary conditions.

Rosen Group is a provider of technology-empowered asset integrity solutions for essential infrastructure and critical assets to pipeline operators and energy suppliers.

© 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.