TKC Holdings reduces first-lien term loan amount to $925 million

By Sara Rosenberg

New York, April 26 – TKC Holdings Inc. downsized its seven-year first-lien term loan to $925 million from $1.125 billion and upsized its senior notes offering to $700 million from $500 million, according to a market source.

Talk on the term loan remained at Libor plus 475 basis points to 500 bps with a 0.75% Libor floor, an original issue discount of 98.5 and 101 soft call protection for six months.

The company’s now $975 million of credit facilities, down from $1.175 billion, also include a $50 million five-year revolver.

Jefferies LLC is the lead arranger on the deal.

Commitments continue to be due at 2 p.m. ET on Wednesday, the source added.

Proceeds will be used to refinance the company’s existing capital structure.

TKC is a St. Louis-based provider of commissary, food service and related technology products to the corrections industry.

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