Imperial Dade lifts term loan to $2 billion, firms OID at 99

By Sara Rosenberg

New York, May 10 – Imperial Dade upsized its term loan due 2028 (B3) to a minimum size of $1.8 billion from $1.5 billion, and then upsized it again to a final size of $2.003 billion, according to a market source.

In addition, the company set the original issue discount on the term loan at 99, the tight end of revised talk of 98.5 to 99 and tighter than initial talk in the range of 97.5 to 98, the source said.

Pricing on the term loan is still SOFR plus 475 basis points with a 0.5% floor, and the term loan still has 101 soft call protection for six months.

JPMorgan Chase Bank, Barclays, BMO Capital Markets, Credit Suisse Securities (USA) LLC, Citizens, MUFG, Stifel, TD Securities (USA) LLC and US Bank are the leads on the deal.

Proceeds will be used to extend in full, instead of in part as originally proposed, the company’s existing first-lien term loans due in 2026.

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

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