Imperial Dade launches $425 million incremental term loan, repricing

By Sara Rosenberg

New York, July 13 – Imperial Dade (BCPE Empire Holdings Inc.) was scheduled to hold a lender call at 11 a.m. ET on Tuesday to launch a fungible $425 million incremental first-lien term loan due June 2026 and a repricing of its existing $180 million first-lien term loan due June 2026, according to a market source.

The incremental first-lien term loan includes a $145 million delayed-draw tranche.

Price talk on the term loan debt is Libor plus 400 basis points with a 0.5% Libor floor, the source said. The incremental term loan is talked with an original issue discount of 99.5 to 99.75 and the repricing is offered at par.

The first-lien term loan debt is getting 101 soft call protection for six months.

Expected term loan ratings are B3/B-.

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

Commitments are due at 5 p.m. ET on July 21, the source added.

Proceeds from the incremental term loan will be used to fund acquisitions under letters of intent and near-term acquisitions, and the repricing will take the existing term loan down from Libor plus 425 bps with a 0.75% Libor floor.

Imperial Dade is a Jersey City, N.J.-based distributor of foodservice disposables and janitorial sanitation products.

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