Landmark Aviation sets first- and second-lien loan talk with launch

By Sara Rosenberg

New York, Oct. 4 - Landmark Aviation released price talk on its $260 million seven-year first-lien term loan B and $130 million eight-year second-lien term loan with its bank meeting on Thursday, according to a market source.

The first-lien loan is talked at Libor plus 425 basis points to 450 bps with a 1.25% Libor floor and an original issue discount of 99, and the second-lien loan is talked at Libor plus 800 bps to 825 bps with a 1.25% Libor floor and a discount of 98 to 99, the source said.

Included in the first-lien term loan is 101 soft call protection for one year, and the second-lien loan has hard call protection of 102 in year one and 101 in year two.

Commitments are due on Oct. 18, the source added.

Morgan Stanley & Co. LLC, RBC Capital Markets and Barclays are the joint lead arrangers on the $465 million deal that also includes a $75 million five-year revolver.

Proceeds will be used to fund Carlyle Group LP's buyout of Landmark Aviation.

The co-borrowers are LM U.S. Member LLC and LM U.S. Acquisition Inc.

Landmark Aviation is a Tempe, Ariz.-based provider of aftermarket services to the business aviation industry.

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