Tensar shifts funds between first-, second-lien loans, firms pricing

By Sara Rosenberg

New York, July 3 – Tensar Corp. upsized its seven-year first-lien term loan (B2/B+) to $235 million from $230 million and downsized its eight-year second-lien term loan (Caa2/B-) to $80 million from $85 million, according to a market source.

In addition, pricing on the first-lien term loan firmed at Libor plus 475 basis points, the tight end of the Libor plus 475 bps to 500 bps talk, and pricing on the second-lien term loan was set at Libor plus 850 bps, the wide end of the Libor plus 825 bps to 850 bps talk, the source said.

As before, both term loans have a 1% Libor floor and an original issue discount of 99, the first-lien term loan has 101 soft call protection for one year and amortization of 1% per annum, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

The company’s $345 million credit facility also includes a $30 million five-year revolver.

Recommitments are due at 5 p.m. ET on Monday, the source added.

UBS AG and Societe Generale are the joint bookrunners on the deal.

Proceeds will be used to help fund the buyout of the company by Castle Harlan.

Tensar is an Atlanta-based provider of specialty products and engineering services used in the development of commercial, residential, industrial and municipal sites as well as in transportation infrastructure.

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