V.Group lifts first-lien term loan to $515 million, trims pricing

By Sara Rosenberg

New York, Jan. 26 – V.Group upsized its seven-year senior secured first-lien term loan B (B1/B) to $515 million from $495 million and reduced pricing to Libor plus 300 basis points from talk of Libor plus 325 bps to 350 bps, according to a market source.

Furthermore, a step-down was added to the first-lien term loan to Libor plus 275 bps when net first-lien leverage is below 4.25 times or following an initial public offering, and the issue price was tightened to par from 99.5, the source said.

The first-lien term loan still has a 1% Libor floor and 101 soft call protection for six months.

With the first-lien term loan upsizing, the company downsized its privately placed second-lien term loan to $172.5 million from $192.5 million, the source continued.

The company’s credit facility also includes a $57.5 million revolver (B1/B).

Recommitments were due at the close of business on Thursday, the source added.

Goldman Sachs Bank USA, HSBC Securities (USA) Inc., Citigroup Global Markets Inc., RBS and RBC Capital Markets LLC are the leads on the deal.

Proceeds will be used to help fund the acquisition of a controlling stake in the company by Advent International from Omers Private Equity.

V.Group is a London-based marine and offshore vessel management and support services provider.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.