ImageFirst ups funded term loan to $220 million, revises OID to 99.5

By Sara Rosenberg

New York, April 23 – ImageFirst Holdings LLC upsized its funded covenant-lite first-lien term loan to $220 million from $210 million and changed the original issue discount on the tranche, as well as on a $50 million delayed-draw covenant-lite first-lien term loan, to 99.5 from 99, according to a market source.

Also, the ticking fee on the delayed-draw term loan was changed to half the margin from days 30 to 60 and the full margin thereafter, the source said.

In addition, a quarterly lender calls requirement was added to the credit agreement.

Pricing on the term loan debt remained at Libor plus 450 basis points with a 0.75% Libor floor.

The company’s now $320 million of credit facilities (B3/B), up from $310 million, also include a $50 million revolver.

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

Recommitments were scheduled to be due at noon ET on Friday, the source added.

Allocations are expected on Monday or Tuesday.

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

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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