Osmose launches $405 million term loan at Libor plus 375 bps

By Sara Rosenberg

New York, April 15 - Osmose Holdings Inc. held its conference call at 2 p.m. ET on Monday, launching a $405 million first-lien covenant-light term loan due November 2018 with price talk of Libor plus 375 basis points with a 1% Libor floor and a par offer price, according to a market source.

The term loan has 101 repricing protection for six months, the source said.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Proceeds will be used to reprice an existing $355 million term loan due November 2018 from Libor plus 550 bps with a 1.25% Libor floor, and the $50 million of incremental debt being raised will be used to fund a dividend.

Osmose is a Buffalo, N.Y.-based provider of wood preservation technology as well as utility and railroad asset management.

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