Imperial Dade to launch $965 million credit facilities on Thursday

By Sara Rosenberg

New York, May 29 – Imperial Dade (BCPE Empire Holdings Inc.) is scheduled to hold a bank meeting at 10 a.m. ET in New York on Thursday to launch $965 million of credit facilities, according to a market source.

Credit Suisse Securities (USA) LLC, Barclays and Citizens Bank are the lead arrangers on the deal.

The facilities consist of a $175 million ABL revolver and a $790 million seven-year covenant-lite first-lien term loan that includes a $130 million delayed-draw tranche, the source said.

The first-lien term loan has a 0% Libor floor and 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on June 12, the source added.

In addition, the company is getting a privately placed $250 million second-lien term loan and a privately placed $50 million delayed-draw second-lien term loan.

Proceeds will be used to help fund the buyout of the company by Bain Capital. Audax Private Equity, the company’s investment partner since 2016, will retain a stake in the company.

Closing is expected this quarter, subject to customary conditions and regulatory approvals.

Imperial Dade is a distributor of disposable food service and janitorial supplies with headquarters in Jersey City, N.J., and Miami.

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