V. Group revises $90 million add-on first-lien loan issue price to par

By Sara Rosenberg

New York, July 20 – V. Group modified the issue price on its fungible $90 million add-on first-lien term loan (B1) to par from talk of 99 to 99.5, according to a market source.

Pricing on the add-on term loan is Libor plus 400 basis points with a 1% Libor floor, in line with the existing first-lien term loan.

Commitments are due on Tuesday, accelerated from Wednesday, the source said.

Goldman Sachs Bank USA is the lead on the deal.

Proceeds will be used to help repay the company’s second-lien term loan.

V. Group is a supplier of a broad range of specialist outsourcing services to asset owners and operators in the shipping, offshore, leisure and defense sectors.

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