ImageFirst cuts spread on $100 million term loan to SOFR plus 500 bps

By Sara Rosenberg

New York, April 26 – ImageFirst Holdings LLC lowered pricing on its non-fungible $100 million incremental covenant-lite term loan (B3/B) to SOFR plus 500 basis points from SOFR plus 550 bps, according to a market source.

The incremental term loan still has CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, a 0.75% floor, an original issue discount of 97 and 101 soft call protection for six months.

Antares Capital is the lead on the deal.

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 plus 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.

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