Imperial Dade firms $180 million term loan at Libor plus 425 bps

By Sara Rosenberg

New York, Dec. 4 – Imperial Dade (BCPE Empire Holdings Inc.) finalized pricing on its $180 million incremental covenant-lite first-lien term loan (B3/B-) due June 2026 at Libor plus 425 basis points, the low end of the Libor plus 425 bps to 450 bps talk, according to a market source.

Also, the original issue discount on the incremental term loan was tightened to 99 from 98.5, the source said.

The incremental term loan still has a 0.75% Libor floor, 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.

Recommitments were scheduled to be 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.