TruGreen cuts spread on $800 million term loan to Libor plus 400 bps

By Sara Rosenberg

New York, Aug. 10 – TruGreen LP lowered pricing on its $800 million term loan (B) due April 2023 to Libor plus 400 basis points from talk of Libor plus 425 bps to 450 bps, according to a market source.

In addition, the original issue discount on the term loan was changed to 99.75 from 99.5, the source said.

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

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, ING Capital Markets, Natixis, Rabobank, Goldman Sachs Bank USA and SMBC are the leads on the deal.

Proceeds will be used to refinance an existing term loan and fund a dividend.

TruGreen is a Memphis, Tenn.-based lawn care company.

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