IntraFi Network launches $140M incremental term loan

A Nomura-led arranger group is out with price talk on the $140 million incremental first-lien term loan for IntraFi Network, according to sources. Commitments are due at noon ET on Jan. 29.

The add-on is offered at 99.50-99.75 and will be fungible with the existing covenant-lite first-lien term loan due November 2026 that is priced at L+375, with a 0% Libor floor. At talk, the yield to maturity is 4.10%-4.16%. Note that the call protection has expired.

RBC Capital Markets, UBS and Morgan Stanley are joint lead arrangers on the deal.

Proceeds from the deal will be used to refinance the issuer's existing second-lien term loan. Both loans date to the 2019 buyout of the company by The Blackstone Group.

Current corporate and facility ratings are B-/B2 and the borrower is Nexus Buyer LLC. Moody's said today that ratings are unaffected by the add-on.

IntraFi Network provides Federal Deposit Insurance Corp.-insured deposit placement and sweep services for financial transactions in the U.S. The company was previously known as Promontory Interfinancial Network LLC, but rebranded in October 2020.