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Transplace shifts funds between first- and second-lien term loans
By Sara Rosenberg
New York, Sept. 29 – Transplace Holdings Inc. upsized its seven-year first-lien term loan B (B2/B-) to $400 million from $390 million and downsized its eight-year second-lien term loan (Caa2/CCC) to $110 million from $120 million, according to a market source.
Also, pricing on the first-lien term loan was increased to Libor plus 425 basis points from Libor plus 400 bps and pricing on the second-lien term loan was lifted to Libor plus 850 bps from Libor plus 800 bps, the source said.
Furthermore, the original issue discount on the second-lien term loan was revised to 98 from 98.5, and the MFN sunset and maturity carve-out were removed from the credit agreement.
The first-lien term loan still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and the second-lien term loan still has a 1% Libor floor and hard call protection of 102 in year one and 101 in year two.
The company’s $600 million of senior secured credit facilities also include a $90 million five-year revolver (B2/B-).
Goldman Sachs Bank USA, J.P. Morgan Securities LLC, Barclays, Deutsche Bank Securities Inc., KeyBanc Capital Markets LLC and RBC Capital Markets LLC are the leads on the deal, with Goldman the left lead on the revolver and term loan B and JPMorgan the left lead on the second-lien loan.
Recommitments were scheduled to be due at 5 p.m. ET on Friday, the source added.
Proceeds will be used to help fund the buyout of the company by TPG Capital from Greenbriar Equity Group LLC.
Transplace is a Frisco, Texas-based provider of highly configurable transportation management solutions, with a complementary suite of specialized third-party logistics services.
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