Total Safety launches $235 million term loan at Libor plus 575 bps

By Sara Rosenberg

New York, Oct. 4 - Total Safety launched its $235 million seven-year term loan on Tuesday with price talk of Libor plus 575 basis points with a 1.25% Libor floor and an original issue discount of 97, according to a market source.

The loan includes soft call protection of 102 in year one and 101 in year two, the source said.

Commitments are due on Oct. 20.

The company's $275 million credit facility (B2/B-) also provides for a $40 million five-year revolver.

Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC are the lead banks on the deal.

Proceeds will be used to help fund the buyout of the company by Warburg Pincus from DLJ Merchant Banking Partners.

Closing is expected in the fourth quarter.

Leverage through the first-lien is 4.3 times and total leverage is 4.4 times.

Total Safety is a Houston-based outsourced provider of integrated safety and compliance solutions and the products necessary to support them.

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