Tricor/Vistra to launch $598.5 million, €816 million loans Wednesday

By Sara Rosenberg

New York, Jan. 16 – Tricor/Vistra is set to hold a lender call at 10 a.m. ET on Wednesday to launch a $598.5 million senior secured covenant-lite term loan B due June 17, 2029 and an €816 million senior secured covenant-lite term loan B due June 17, 2029, according to a market source.

Goldman Sachs is the lead arranger and sole left lead bookrunner on the deal. Barclays, Deutsche Bank Securities Inc., HSBC Securities, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole, DBS, Morgan Stanley Senior Funding Inc., MUFG, Nomura, SMBC and Standard Chartered are lead arrangers and joint bookrunners. Goldman Sachs is the agent.

Price talk on the U.S. term loan is SOFR plus 400 basis points to 425 bps with no CSA, a 0.5% floor and a par issue price, and talk on the euro term loan is Euribor plus 400 bps to 425 bps with a 25 bps step-down at 4.5x leverage with a nine-month holiday, a 0% floor and a par issue price, the source said.

The term loans have 101 soft call protection for six months.

Amortization on the U.S. term loan is 1% per annum.

Proceeds will be used to reprice existing U.S. and euro term loans due June 2029.

Commitments for the U.S. term loan are due at 5 p.m. ET on Jan. 23 and commitments for the euro term loan are due at noon ET on Jan. 23, the source added.

EQT is the sponsor.

Tricor is a Hong Kong-based fund and corporate services company.

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