RGIS Services launches $460 million term loan at Libor plus 800 bps

By Sara Rosenberg

New York, March 16 – RGIS Services LLC launched on Thursday its $460 million six-year first-lien term loan with price talk of Libor plus 800 basis points with a 1% Libor floor and an original issue discount of 98.5, according to a market source.

The term loan is non-callable for one year, then at 103 in year two and 101 in year three, the source said.

Included in the term loan is amortization of 1% per annum and a total net leverage covenant.

The company’s $495 million credit facility (B3) also provides for a $35 million five-year revolver.

Goldman Sachs Bank USA, J.P. Morgan Securities LLC and Natixis are the bookrunners on the deal.

Commitments are due at 5 p.m. ET on March 27, the source added.

Proceeds will be used to refinance existing debt.

RGIS is an Auburn Hills, Mich.-based provider of inventory services, data collection, insight, merchandising and optimization solutions.

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