Imperial Dade talks $790 million term loan at Libor plus 400-425 bps

By Sara Rosenberg

New York, May 30 – Imperial Dade (BCPE Empire Holdings Inc.) launched on Thursday its $790 million seven-year covenant-lite first-lien term loan (B3/B) with price talk of Libor plus 400 basis points to 425 bps with a 0% Libor floor and an original issue discount of 99, according to a market source.

The first-lien term loan has 101 soft call protection for six months.

Of the total first-lien term loan amount, $130 million is delayed-draw.

Commitments are due at 5 p.m. ET on June 12.

The company’s $1,265,000,000 of credit facilities also include a $175 million ABL revolver, a privately placed $250 million second-lien term loan (Caa2/CCC+) and a privately placed $50 million delayed-draw second-lien term loan (Caa2/CCC+).

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

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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