AmaWaterways cuts spread on $525 million term B to SOFR plus 350 bps

By Sara Rosenberg

New York, April 11 – AmaWaterways lowered pricing on its $525 million seven-year term loan B (B2/B) to SOFR plus 350 basis points from talk in the range of SOFR plus 375 bps to 400 bps and removed the two 25 bps step-downs at 4.5x and 4x first-lien net leverage, according to a market source.

In addition, the original issue discount on the term loan was revised to 99.5 from 99, and changes were made to documentation, including adding J. Crew, Serta and Chewy protections, the source said.

As before, the term loan has a 25 bps step-down upon an initial public offering, a 0% floor and 101 soft call protection for six months.

JPMorgan Chase Bank, BofA Securities Inc. and Wells Fargo Securities LLC are the leads on the deal.

Recommitments were scheduled to be due at 11 a.m. ET on Thursday, the source added.

Proceeds will be used to help fund the buyout of the company by L Catterton from a consortium of investors led by Certares.

AmaWaterways is a Calabasas, Calif.-based luxury river cruise line.

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