Osmose Holdings sets first-, second-lien term loan talk with launch

By Sara Rosenberg

New York, Aug. 5 – Osmose Holdings released price talk on its $275 million seven-year first-lien covenant-light term loan and $115 million eight-year second-lien covenant-light term loan in connection with its bank meeting on Wednesday, according to a market source.

The first-lien term loan is talked at Libor plus 375 basis points to 400 bps with a 1% Libor floor and an original issue discount of 99.5, and the second-lien term loan is talked at Libor plus 775 bps to 800 bps with a 1% Libor floor and a discount of 99, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

The company’s $435 million credit facility also provides for a $45 million five-year revolver.

Goldman Sachs Bank USA and RBC Capital Markets are the lead banks on the deal.

Commitments are due on Aug. 14, the source added.

Proceeds will be used to help fund the buyout of the company by Kohlberg & Co.

Osmose is a Tyrone, Ga.-based service provider safeguarding utility infrastructure.

© 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.