MSHC/Service Logic wraps syndication of $135 million term loan

By Sara Rosenberg

New York, July 17 – MSHC/Service Logic completed syndication of a $135 million incremental first-lien delayed-draw term loan due July 2023, according to a market source.

Drawn pricing on the delayed-draw term loan is Libor plus 425 basis points with a step-down to Libor plus 400 bps at 3.75 times net first-lien leverage, in line with existing term loan pricing.

The delayed-draw availability is 18 months, and the debt has a 100 bps unused fee with a 60-day holiday, the source said.

Antares Capital led the deal.

Proceeds will be used with a $40 million privately placed delayed-draw second-lien term loan to fund near-term acquisitions.

MSHC/Service Logic, a portfolio company of Warburg Pincus, is a Charlotte, N.C.-based commercial HVAC and mechanical service provider.

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