RGIS trims spread on $460 million term loan to Libor plus 750 bps

By Sara Rosenberg

New York, March 24 – RGIS Services LLC reduced pricing on its $460 million six-year first-lien term loan to Libor plus 750 basis points from Libor plus 800 bps, according to a market source.

As before, the term loan has a 1% Libor floor, an original issue discount of 98.5 and call protection of non-callable for one year, then at 103 in year two and 101 in year three.

Also 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/CCC+) provides for a $35 million five-year revolver as well.

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

Recommitments were scheduled to be due at 1 p.m. ET on Friday, 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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