Teneo ups term loan to $710 million, sets spread at SOFR plus 475 bps

By Sara Rosenberg

New York, March 7 – Teneo Holdings LLC (Thor FinCo LLC) upsized its seven-year covenant-lite first-lien term loan to $710 million from $690 million and firmed pricing at SOFR plus 475 basis points, the low end of the SOFR plus 475 bps to 500 bps talk, according to a market source.

As before, the term loan has a 1% floor, no CSA, an original issue discount of 99 and 101 soft call protection for six months.

The company’s $800 million of credit facilities (B2/B) also include a $90 million five-year revolver with a springing first-lien covenant.

Nomura Securities, HSBC Securities (USA) Inc., Deutsche Bank Securities Inc. and Santander are the arrangers on the deal. Nomura is the administrative agent.

Recommitments were scheduled to be due at 5:30 p.m. ET on Thursday, with allocations expected on Friday, the source added.

Proceeds will be used to refinance the company’s existing credit facilities, to fund cash to the balance sheet, the amount of which was increased with the term loan upsizing, and to pay fees and expenses.

Closing is expected during the week of March 11.

Teneo is a New York-based CEO advisory firm.

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