Dixie Electric flexes $280 million term loan B to Libor plus 475 bps

By Sara Rosenberg

New York, Jan. 22 - Dixie Electric LLC (FR Dixie Acquisition Corp.) cut pricing on its $280 million seven-year term loan B to Libor plus 475 basis points from Libor plus 500 bps, according to a market source.

In addition, the original issue discount on the B loan was tightened to 99½ from 99 and the 18-month MFN sunset provision for incremental facilities was removed, the source said.

The term loan B still has a 1% Libor floor, 101 soft call protection for six months and amortization of 1% per annum.

The company's $320 million credit facility (B3/B+) also includes a $40 million five-year revolver.

Recommitments were due at 2 p.m. ET on Wednesday, the source added.

UBS Securities LLC, Credit Suisse Securities (USA) LLC, Macquarie Capital and Societe Generale are the bookrunners on the deal.

Proceeds will be used to help fund the buyout of the company by First Reserve from One Rock Capital Partners LLC.

Dixie is an Odessa, Texas-based provider of electrical infrastructure materials and services to the upstream oil and gas sector.

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