Landmark Aviation reveals talk on $325.9 million of term loans

By Sara Rosenberg

New York, June 17 – Landmark Aviation released price talk on its $220.4 million incremental first-lien term loan and $105.5 million incremental second-lien term loan with its call on Tuesday, according to a market source.

Price talk on the first-lien term loan is Libor plus 375 basis points with a 1% Libor floor and an original issue discount of 99 to 99½, and talk on the second-lien term loan is Libor plus 725 bps with a 1% Libor floor and a discount of 99 to 99½, the source said.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has 101 hard call protection for one year.

Pricing on the incremental first-lien loan matches existing pricing, while pricing on the incremental second-lien loan varies from current second-lien loan pricing of Libor plus 825 bps with a 1.25% Libor floor. As a result, the existing second-lien loan will be repriced to match the incremental pricing.

Commitments are due at noon ET on June 26, the source added.

Morgan Stanley Senior Funding Inc., RBC Capital Markets and Barclays are the lead banks on the $325.9 million of new senior secured term loans.

Proceeds will be used to fund the acquisition of Ross Aviation, a Denver-based network of fixed based operations, from Centre Partners Management LLC and management, to pay down revolver borrowings and for general corporate purposes.

Closing is expected during the second half of this year, subject to satisfaction of customary conditions.

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

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