Service Logic ups loan to $380 million, tightens issue price to par

By Sara Rosenberg

New York, Feb. 8 – Service Logic upsized its fungible add-on term loan B to $380 million from $330 million and revised the issue price to par from talk in the range of 99.27 to 99.75, according to a market source.

Pricing on the add-on term loan is SOFR+CSA plus 400 basis points with a step-down to SOFR plus 375 bps at 4x first-lien net leverage and a 0.75% floor, in line with existing term loan B pricing.

CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

The add-on term loan has 101 soft call protection for six months.

JPMorgan Chase Bank is the lead on the deal.

Proceeds will be used to refinance incremental term loan borrowings and to add cash to the balance sheet.

Service Logic is a Charlotte, N.C.-based provider of aftermarket maintenance, repair and replacement services for commercial HVAC equipment, chilled water systems, and building automation and controls systems.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.