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TIP Trailer to launch new U.S. and euro credit facility on Tuesday
By Sara Rosenberg
New York, July 18 - TIP Trailer Services is set to hold a bank meeting in London on Tuesday to launch a new credit facility (B1/BB+) that includes a $150 million seven-year first-lien term loan, a €163 million seven-year first-lien term loan and a €55 million six-year revolver, according to a market source.
There will not be a New York bank meeting for the deal, the source said.
Credit Suisse is the lead bank on the deal.
The U.S. term loan is talked at Libor plus 425 basis points with a 1% Libor floor, the euro term loan is talked at Euribor plus 450 bps with a 1% floor, and the revolver is talked at Euribor plus 387.5 bps, the source said.
Original issue discounts and call protection are still to be determined.
Proceeds will be used to help fund the buyout of the company by HNA Group Co. Ltd. from GE Capital.
TIP is a European provider of transport equipment leasing, rental and service solutions.
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