Rough Country launches $205 million term loan at Libor plus 450 bps

By Sara Rosenberg

New York, May 23 – Rough Country launched on Tuesday its $205 million covenant-light first-lien term loan with price talk of Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The first-lien term loan has 101 soft call protection for six months, the source said.

The company’s $225 million in first-lien credit facilities also include a $20 million revolver.

Golub Capital is the lead on the deal.

Commitments are due on June 6, the source added.

The company is also getting an $85 million privately placed second-lien term loan led by Carlyle Private Credit.

Proceeds will be used to help fund the buyout of the company by Gridiron Capital from Audax Private Equity.

Rough Country is a Dyersburg, Tenn.-based supplier of aftermarket suspension lift kits and components to the off road SUV and light truck enthusiast market.

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