Worldwide Express to launch $500 million term loan on Tuesday

By Sara Rosenberg

New York, June 15 – Worldwide Express (SMB Shipping Logistics) is scheduled to hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch a $500 million seven-year covenant-light first-lien term loan, according to a market source.

Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Citizens Bank and Stifel are the bookrunners on the deal.

The term loan has a 0% Libor floor and 101 soft call protection for six months, the source said.

Commitments are due at 5 p.m. ET on June 28.

The company is also getting a $200 million privately placed second-lien term loan, the source added.

Proceeds will be used to acquire the Worldwide Express franchise owner, refinance existing debt and pay dividend to existing equityholders.

Ridgemont Equity Partners is the sponsor.

Worldwide Express is a Dallas-based provider of small parcel, less-than-truckload and truckload services.

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