TIC Solutions (TIC) said Monday that it has repriced an approximately $1.6 billion first lien term loan at Secured Overnight Financing Rate plus 250 basis points.

The company said the repricing represents a 25-basis-point reduction in the applicable margin. The term loan has a maturity date of July 30, 2031, while the other material provisions under the credit agreement were unchanged.

"This repricing is expected to reduce annual cash interest expense by approximately $4 million and enhances our financial flexibility," Chief Financial Officer Kristin Schultes said in a statement.