RailWorks tightens $230 million term loan B discount to 98.5

By Sara Rosenberg

New York, Dec. 3 – RailWorks LLC revised the original issue discount on its $230 million seven-year term loan B to 98.5 from 98, according to a market source.

Pricing on the term loan remained at Libor plus 550 basis points with a 1% Libor floor.

The term loan still has 101 soft call protection for six months.

The company’s $280 million of credit facilities (B1/B) also include a $50 million five-year revolver.

BMO Capital Markets, Citizens Bank and PNC Capital Markets are the leads on the deal.

Allocations are expected on Tuesday, the source added.

Proceeds will be used to finance a small tuck-in acquisition, refinance existing debt and fund a dividend.

RailWorks, a Wind Point Partners portfolio company, is a New York-based provider of engineering and construction services for track and transit systems.

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