ImageFirst talks $260 million of term loans at Libor plus 450 bps

By Sara Rosenberg

New York, April 8 – ImageFirst Holdings LLC launched on Thursday its $210 million covenant-lite first-lien term loan and a $50 million delayed-draw covenant-lite first-lien term loan with price talk of Libor plus 450 basis points with a 0.75% Libor floor and an original issue discount of 99, according to a market source.

The company’s $310 million of credit facilities (B3/B) also include a $50 million revolver.

Antares Capital and KeyBanc Capital Markets are the leads on the deal.

Commitments are due on April 22, the source added.

Proceeds will be used to refinance existing first-lien credit facilities.

Leverage is 3.7x.

ImageFirst, a Calera Capital portfolio company, is a King of Prussia, Pa.-based provider of outsourced laundry and textile rental services with a focus on outpatient and specialty health care.

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