Interior Logic firms $550 million term loan B at Libor plus 350 bps

By Sara Rosenberg

New York, March 25 – Interior Logic Group Holdings LLC (Signal Parent Inc.) set pricing on its $550 million seven-year senior secured covenant-lite first-lien term loan B (B1/B) at Libor plus 350 basis points, the low end of the Libor plus 350 bps to 375 bps talk, according to a market source.

In addition, the original issue discount on the term loan was tightened to 99.25 from 99, the source said.

As before, the term loan has a 0.75% Libor floor and 101 soft call protection for six months.

Citigroup Global Markets Inc., Goldman Sachs Bank USA, BofA Securities Inc. and RBC Capital Markets are the arrangers on the deal. Blackstone is a co-manager. Citi is the administrative agent.

Recommitments were scheduled to be due at 1 p.m. ET on Thursday, the source added.

Proceeds will be used with $300 million of senior notes to help fund the buyout of the company by Blackstone from Littlejohn & Co. LLC, Platinum Equity and other equity holders for a total transaction value of $1.6 billion.

Closing is expected on April 1.

Interior Logic is an Irvine, Calif.-based provider of interior design, supply chain and installation management solutions to single-family homebuilders.

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