Daseke firms $350 million term loan at Libor plus 550 bps, revises OID

By Sara Rosenberg

New York, Feb. 3 – Daseke Inc. finalized pricing on its $350 million seven-year first-lien term loan (B1/BB-) at Libor plus 550 basis points, the low end of the Libor plus 550 bps to 575 bps talk, according to a market source.

Also, the original issue discount on the term loan tightened to 99 from 98.5, the source said.

The term loan, which includes a $100 million delayed-draw component, still has a 1% Libor floor, 101 soft call protection for six months and a maximum total leverage covenant.

Recommitments were scheduled to be due at noon ET on Friday, the source added.

Based on filings with the Securities and Exchange Commission, the company is also expected to get a $70 million asset-based revolver.

Credit Suisse Securities (USA) LLC, UBS Investment Bank and PNC Capital Markets are the leads on the term loan. PNC is the lead on the revolver.

Proceeds will be used to help fund the acquisition of the company by Hennessy Capital Acquisition Corp. II, a blank-check company, in an all-stock merger transaction. The proposed transaction will introduce Daseke as a publicly traded company, with an anticipated initial enterprise value of about $702 million. With the merger, Hennessy will change its name to Daseke Inc.

Closing is expected this quarter, subject to customary conditions, including regulatory and stockholder approvals and the receipt of proceeds from proposed debt and equity financing activities.

Daseke is an Addison, Texas-based owner of open deck equipment and a transportation and logistics solutions company in the open deck trucking market.

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