Landmark Aviation talks $90 million in add-on term loans at OID of 99

By Sara Rosenberg

New York, Dec. 7 - Landmark Aviation launched both its $60 million add-on first-lien term loan due October 2019 and $30 million add-on second-lien term loan due October 2020 on Friday with original issue discount talk of 99, according to a market source.

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.

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

Commitments are due on Dec. 12, the source said.

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

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.

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