Tradesmen tightens $40 million incremental loan issue price to par

By Sara Rosenberg

New York, June 15 – Tradesmen International LLC revised the issue price on its $40 million incremental first-lien term loan due February 2024 to par from 99.75, 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 term loan has 101 soft call protection for six months and a total net leverage ratio covenant.

Deutsche Bank Securities Inc. is the left lead arranger on the deal.

Recommitments were scheduled to be due at 3 p.m. ET on Friday, the source added.

Proceeds will be used to refinance second-lien term loan borrowings.

Including the incremental, the first-lien term loan will total $397 million.

Existing lenders are still being offered a 12.5 bps amendment consent fee.

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

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