Plusgrade finalizes $420 million term loan B at 99 OID

By Sara Rosenberg

New York, Jan. 26 – Plusgrade Inc. set the original issue discount on its $420 million term loan B due 2031 (B2/B) at 99, the tight end of the 98.5 to 99 talk, according to a market source.

The term loan is still priced at SOFR plus 450 basis points with a 0% floor, and still has 101 soft call protection for six months.

JPMorgan Chase Bank, Barclays, BMO Capital Markets, Wells Fargo Securities LLC and Bank of Nova Scotia are the lead arrangers on the deal. JPMorgan is the administrative agent.

Commitments were scheduled to be due at 3 p.m. ET on Friday, the source added.

Proceeds will be used to fund an investment in the company by General Atlantic.

Plusgrade is a Montreal-based provider of ancillary revenue solutions for the travel industry.

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