DXP Enterprises talks $250 million term B at Libor plus 550-600 bps

By Sara Rosenberg

New York, Aug. 2 – DXP Enterprises, Inc. is talking its $250 million six-year senior secured term loan B (B3/B+) at Libor plus 550 basis points to 600 bps with a 1% Libor floor and an original issue discount of 99 ahead of its bank meeting at 10 a.m. ET in New York on Thursday, according to a market source.

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

The company’s $335 million of credit facilities also include an $85 million five-year ABL revolver.

Goldman Sachs Bank USA, BMO Capital Markets Corp. and Bank of America Merrill Lynch are the lead banks on the deal.

Commitments are due on Aug. 15, the source added.

Proceeds will be used to refinance existing debt and for general corporate purposes.

DXP is a Houston-based provider of technical products and services for MRO, OEM and capital equipment customers.

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