Therma talks $445 million of term loans at Libor plus 400-425 bps

By Sara Rosenberg

New York, Dec. 1 – Therma Holdings LLC (Refficiency Holdings LLC) launched on Tuesday its $370 million seven-year first-lien term loan and $75 million delayed-draw first-lien term loan with price talk of Libor plus 400 basis points to 425 bps with a 0.75% Libor floor and an original issue discount of 98.5, according to a market source.

The term loan debt has 101 soft call protection for six months, the source said.

The company’s $510 million of credit facilities (B2/B-) also include a $65 million five-year revolver.

Jefferies LLC, Blackstone, Societe Generale, BMO Capital Markets Corp. and MUFG are the bookrunners on the deal.

Commitments are due at 3 p.m. ET on Dec. 14, the source added.

Proceeds will be used to fund the buyout of the company by the Blackstone Group LP from Gemspring Capital.

Blackstone is also buying energy and sustainability consulting firm RE Tech Advisors, Inc., which will be integrated into Therma.

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

Therma Holdings is a San Jose, Calif.-based specialty mechanical, electrical and controls services company focused on designing, building and servicing complex systems in mission-critical facilities.

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