DS Waters launches $310 million term loan at Libor plus 425 bps

By Sara Rosenberg

New York, Aug. 5 - DS Waters of America Inc. (DS Services) launched on Monday its $310 million seven-year covenant-light first-lien term loan with price talk of Libor plus 425 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company's $385 million senior secured credit facility also includes a $75 million ABL revolver.

Commitments are due at 5 p.m. ET on Aug. 15, the source added.

Barclays, Credit Suisse Securities (USA) LLC, Jefferies Finance LLC and BMO Capital Markets are the lead banks on the deal.

Proceeds will be used to help fund the buyout of the company by Crestview Partners.

First-lien leverage is 2 times, and total leverage is 4.3 times.

DS Waters is an Atlanta-based direct-to-consumer beverage services provider.

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