Landmark Aviation to launch $90 million in add-on term loans Friday

By Sara Rosenberg

New York, Dec. 6 - Landmark Aviation is scheduled to hold a call on Friday at 1 p.m. ET to launch a $60 million add-on first-lien term loan due October 2019 and a $30 million add-on second-lien term loan due October 2020, according to a market source.

Morgan Stanley & Co. LLC, RBC Capital Markets and Barclays are the joint lead arrangers on the deal.

Pricing on the add-ons matches existing pricing, so the first-lien loan is Libor plus 450 basis points with a 1.25% Libor floor, and the second-lien loan is Libor plus 825 bps with a 1.25% Libor floor.

Original issue discounts on the add-on loans are not yet available, the source said.

The new and existing first-lien debt has 101 soft call protection through October 2013, and the new and existing second-lien debt has hard call protection of 102 through October 2013 and 101 through October 2014.

Proceeds will be used to fund the acquisition of a single site FBO.

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.

© 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.