Radio Systems adds pricing step-down to $150 million term loan

By Sara Rosenberg

New York, Oct. 22 - Radio Systems Corp. added a pricing step-down to Libor plus 425 basis points at less than 2.5 times leverage to its $150 million term loan, according to a market source.

Initial pricing on the term loan and the $75 million revolver firmed in line with talk at Libor plus 450 bps with a 1.5% Libor floor and an original issue discount of 99.

Fifth Third Bank and BMO are the lead banks on the $225 million senior secured credit facility (B1/B+), which went out primarily to existing lenders.

Proceeds will be used to refinance existing debt.

Radio Systems is a Knoxville, Tenn.-based provider of electronic pet containment products, pet training products and pet doors.

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