TruGreen firms $275 million second-lien loan at Libor plus 850 bps

By Sara Rosenberg

New York, Oct. 30 – TruGreen LP set pricing on its $275 million eight-year second-lien term loan (Caa1/CCC+) at Libor plus 850 basis points, the low end of the Libor plus 850 bps to 875 bps talk, according to a market source.

As before, the second-lien term loan has a 0.75% Libor floor, an original issue discount of 98 and call protection of non-callable for one year, then at 102 in year two and 101 in year three.

Also, the company’s $1.15 billion seven-year first-lien term loan (B1/B) finalized in line with talk at Libor plus 400 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

J.P. Morgan Securities LLC is the left lead on both loans.

Proceeds will be used to refinance existing bank debt and fund a dividend.

TruGreen is a Memphis-based provider of lawn care, tree and shrub and mosquito services.

© 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.