TrustHouse upsizes delayed-draw loan, flexes to Libor plus 425 bps

By Sara Rosenberg

New York, April 5 - TrustHouse Services Group lifted its six-year delayed-draw term loan to $40 million from $30 million, according to a market source.

Also, the company reduced pricing on the delayed-draw loan, as well as on a $155 million six-year term loan B, to Libor plus 425 basis points from Libor plus 450 bps, the source said.

The term loans still have a 1.25% Libor floor and an original issue discount of 99.

In addition to the term loans, the company's now $220 million credit facility, up from $210 million, includes a $25 million five-year revolver.

CIT is leading the deal.

Proceeds will be used to fund the buyout of the company by Elior.

TrustHouse is a Charlotte, N.C.-based provider of on-site contract foodservices. Elior is a France-based contract caterer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.