CSC ServiceWorks firms $2 billion term loan at Libor plus 400 bps

By Sara Rosenberg

New York, March 1 – CSC ServiceWorks Holdings LLC set pricing on its $2 billion seven-year first-lien term loan B (B3/B-) at Libor plus 400 basis points, the low end of the Libor plus 400 bps to 425 bps talk, according to a market source.

Also, the original issue discount on the term loan firmed at 99.25, the midpoint of the 99 to 99.5 talk, the source said.

The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.

Barclays, J.P. Morgan Securities LLC, BMO Capital Markets, Deutsche Bank Securities Inc. and Ares are the bookrunners on the deal.

Proceeds will be used to refinance all of the company’s existing debt.

Closing is expected this week.

CSC ServiceWorks is a Plainview, N.Y.-based provider of technology-enabled laundry and air services.

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