Tradesmen readies launch of $310 million in term loans for Wednesday

By Sara Rosenberg

New York, Jan. 23 – Tradesmen International Inc. is scheduled to hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch $310 million in term loans, according to a market source.

Deutsche Bank Securities Inc., Macquarie Capital (USA) Inc., HSBC Securities (USA) Inc., Goldman Sachs Bank USA and Credit Suisse Securities (USA) LLC are the bookrunners on the deal.

The debt consists of a $230 million seven-year first-lien term loan and an $80 million eight-year second-lien term loan, the source said.

Included in the loans is a net total leverage covenant.

Proceeds will be used to help fund the buyout of the company by Blackstone from Wellspring Capital Management LLC.

Closing is expected this quarter.

Tradesmen is a Macedonia, Ohio-based agency-based provider of outsourced skilled craftsmen to non-residential construction and industrial contractors.

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