ImageFirst shops $100 million add-on term loan at SOFR plus 550 bps

By Sara Rosenberg

New York, April 14 – ImageFirst Holdings LLC is talking its non-fungible $100 million add-on covenant-lite term loan (B3/B) at SOFR+CSA plus 550 basis points with a 0.75% floor and an original issue discount of 97, according to a market source.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

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

Antares Capital is the lead on the deal.

Commitments are due on April 26, the source added.

Proceeds will be used for general corporate purposes and to fund acquisitions under letters of intent.

With this transaction, pricing on the company’s existing $265 million first-lien term loan will be repriced to SOFR+CSA plus 500 bps with a 0.75% floor from Libor plus 450 bps with a 0.75% floor.

Pro forma leverage is 3.5x and pro forma adjusted EBITDA is $98 million.

Calera Capital is the sponsor.

ImageFirst is a King of Prussia, Pa.-based provider of linen, laundry, and safety and hygiene services specializing in the health care industry.

© 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.