Federal Signal completes $315 million senior secured credit facility

By Sara Rosenberg

New York, Feb. 27 - Federal Signal Corp. closed on its $315 million five-year senior secured credit facility, according to a news release.

The facility consists of a $215 million term loan and a $100 million asset-based revolver.

TPG Specialty Lending Inc. is the agent and acted as the lead arranger on the term loan, and Wells Fargo Capital Finance LLC is the agent on the revolver.

Pricing on the term loan is Libor plus 1,000 basis points with a 2% Libor floor and a 2% facility fee.

The loan can be prepaid at par this year with proceeds from sales of certain assets, at 102.75 in year two and 102 in year three

Meanwhile, the revolver has pricing that can range from Libor plus 175 bps to 350 bps based on average excess availability.

Proceeds were used to repay borrowings under the company's existing secured credit facility and outstanding debt under its private placement notes.

Federal Signal is an Oak Brook, Ill.-based provider of environmental, safety and transportation services.

© 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.