IntraFi Network readies $140M incremental term loan, sets Jan. 26 lender call

IntraFi Network is preparing to launch a $140 million incremental first-lien term loan via a Nomura-led arranger group, according to sources. A lender call is scheduled for 11 a.m. ET on Tuesday, Jan. 26, and commitments to the deal are due at noon ET on Friday, Jan. 29.

Price talk is not yet announced but note the add-on 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. Note that the call protection has expired.

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 ratings are B-/B2 and the borrower is Nexus Buyer, LLC.

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.