Transplace trims add-on loan to $10 million, revises pricing

By Sara Rosenberg

New York, April 9 – Transplace Holdings Inc. downsized its fungible add-on senior secured first-lien term loan due October 2024 to $10 million from $25 million, according to a market source.

Also, pricing on the add-on term loan and repricing of the company’s existing $400 million senior secured first-lien term loan due October 2024 was increased to Libor plus 375 basis points from Libor plus 350 bps, the source said.

Furthermore, the 101 soft call protection on the term loan debt was extended to one year from six months.

As before, the term loan debt has a 1% Libor floor, an original issue discount on the add-on loan of 99.75 and a par issue price on the repricing.

Goldman Sachs Bank USA is the lead bank on the deal.

Recommitments are due at 10 a.m. ET on Tuesday, the source added.

Proceeds from the add-on term loan will be used to pay down some second-lien borrowings, and the repricing will take the existing first-lien term loan down from Libor plus 425 bps with a 1% Libor floor.

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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