KITO Crosby launches $205 million term loan at 98.5-99 OID

By Sara Rosenberg

New York, Oct. 23 – KITO Crosby (Crosby US Acquisition Corp.) launched on Monday its fungible $205 million incremental first-lien term loan due June 27, 2026 (B) with original issue discount talk of 98.5 to 99, according to a market source.

Pricing on the term loan is SOFR plus 500 basis points with a 0.5% floor.

UBS Investment Bank and KKR Capital Markets are the arrangers on the deal.

Commitments are due at 5 p.m. ET on Oct. 31, the source added.

Proceeds will be used to repay second-lien term loan borrowings.

Pro forma for the transaction, the first-lien term loan will total $533.35 million.

KITO Crosby is a manufacturer and marketer of highly engineered equipment and solutions used in lifting, rigging, and custom material handling solutions.

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