Imperial Dade launches $180 million loan at Libor plus 425-450 bps

By Sara Rosenberg

New York, Nov. 30 – Imperial Dade (BCPE Empire Holdings Inc.) was scheduled to hold a lender call at 3 p.m. ET on Monday to launch a $180 million incremental covenant-lite first-lien term loan due June 2026 that is talked at Libor plus 425 basis points to 450 bps with a 0.75% Libor floor and an original issue discount of 98.5, according to a market source.

The incremental term loan has 101 soft call protection for six months and amortization of 1% per annum.

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.

Commitments are due at noon ET on Friday, the source added.

Proceeds will be used to repay ABL borrowings and fund near-term acquisitions.

Imperial Dade is a distributor of foodservice disposables and janitorial sanitation products with headquarters in Jersey City and Miami.

© 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.