Vertex Aerospace firms $321.8 million term B at Libor plus 400 bps

By Sara Rosenberg

New York, March 10 – Vertex Aerospace Services Corp. finalized pricing on its $321.75 million covenant-lite first-lien term loan B due June 2027 at Libor plus 400 basis points, the low end of the Libor plus 400 bps to 425 bps talk, according to a market source.

As before, the term loan has a 0% Libor floor, an original issue discount of 99.75, 101 soft call protection for six months and amortization of 1% per annum.

Morgan Stanley Senior Funding Inc. and RBC Capital Markets are the joint lead arrangers and bookrunners on the deal.

Proceeds will be used to extend by two years and reprice an existing term loan B.

Closing is expected on Monday.

Vertex Aerospace is a Madison, Miss.-based defense aerospace company.

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