Landmark firms spread on $392.6 million term B at Libor plus 375 bps

By Sara Rosenberg

New York, Nov. 25 - Landmark Aviation set pricing on its $392.6 million senior secured term loan B (B2) due October 2019 at Libor plus 375 basis points, the tight end of the Libor plus 375 bps to 400 bps talk, according to a market source.

Also, the offer price on the new money firmed at par, the low end of the 99½ to par guidance, the source said.

The 1% Libor floor and 101 soft call protection for six months were left intact.

Of the total term loan B amount, $317.6 million is for a repricing of the existing term B and $75 million is a fungible add-on.

Morgan Stanley Senior Funding Inc., Barclays and RBC Capital Markets are the joint lead arrangers on the deal.

Landmark Aviation is a Houston-based provider of FBO, MRO and aircraft charter and management services.

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