21 Jan, 2021

Westinghouse Electric completes $3B term loan repricing at talk; terms

Westinghouse Electric Co. LLC completed a repricing of its $3 billion covenant-lite first-lien term loan due August 2025 via a Credit Suisse-led arranger group, according to sources. With this transaction, the issuer tightened the pricing on the loan to L+275 with a 0.5% Libor floor, and with a 25-basis-point step-down at corporate ratings of B+/B1 with stable outlooks on both sides. The term loan was issued at par. Existing pricing on the term loan was L+300, with a 0.75% floor, and the same ratings-based step-down. Westinghouse Electric, backed by Brookfield Business Partners, is a provider of technology and infrastructure services to the power generation industry. Terms:

Borrower Westinghouse (Brookfield WEC Holdings Inc.)
Issue $3 billion term loan B
UoP Repricing
Spread L+275
Libor floor 0.5%
Price 100
Tenor August 2025
YTM 3.29%
Four-year yield 3.29%
Call protection 101 soft call reset for six months
Corporate ratings B/B2/B
Facility ratings B/B2/B+
Recovery ratings 3
Financial covenants None
Arrangers CS/GS/DB/BMO/RBC/Barc/CA
Co-manager BNP
Admin agent CS
Px Talk L+275/0.5%/100
Sponsor Brookfield Business Partners
Notes Margin step-down of 25 bps at corporate ratings of B+/B1, with stable outlooks.