Innovative XCessories finalizes term loan at Libor plus 500 bps

By Sara Rosenberg

New York, Feb. 27 – Innovative XCessories & Services LLC (IXS Holding Inc.) firmed pricing on its $620 million seven-year term loan (B2/B) at Libor plus 500 basis points, the low end of the Libor plus 500 bps to 525 bps talk, according to a market source.

As before, the term loan has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Amortization on the term loan is 1% per annum.

The company’s $695 million of credit facilities also include a $75 million ABL revolver.

UBS Investment Bank and Jefferies LLC are the leads on the deal.

Proceeds will be used to help fund the buyout of the company by Clearlake Capital Group LP from Olympus Partners.

Closing is expected this quarter.

Innovative XCessories is a Windsor, Ont.-based provider of coating solutions and vehicle upfit services to the automotive aftermarket and diversified industrial end markets.

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