Total Safety flexes $235 million term loan to Libor plus 625 bps

By Sara Rosenberg

New York, Oct. 19 - Total Safety increased pricing on its $235 million 61/2-year term loan to Libor plus 625 basis points from talk of Libor plus 575 bps, according to a market source.

Also, the original issue discount widened to 96 from 97, the source said.

As before, the loan has a 1.25% Libor floor and soft call protection of 102 in year one and 101 in year two.

In addition to the pricing changes, the company increased the excess cash flow sweep to 75% from 50% and revised most-favored-nation language to 25 bps from 50 bps, the source continued.

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

Commitments continue to be due on Thursday.

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 services and the products necessary to support them.

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