Tradesmen launches $90 million incremental term loan at 99.5 OID

By Sara Rosenberg

New York, Dec. 7 – Tradesmen International LLC launched on Thursday its $90 million incremental first-lien term loan due February 2024 with original issue discount talk of 99.5, according to a market source.

Pricing on the incremental loan is Libor plus 450 basis points with a 1% Libor floor, which matches existing first-lien term loan pricing.

The incremental and the existing first-lien term loan will get 101 soft call protection for six months.

Included in the loan is a net total leverage covenant.

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

Commitments are due at 5 p.m. ET on Wednesday.

Proceeds will be used for acquisition financing.

Including the incremental loan, the first-lien term loan will total $344 million.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.