Trace3 finalizes $415 million term loan at Libor plus 425 bps

By Sara Rosenberg

New York, Oct. 6 – Trace3 (Escape Velocity Holdings Inc.) set pricing on its $415 million seven-year first-lien term loan (B3/B) at Libor plus 425 basis points, the low end of the Libor plus 425 bps to 450 bps talk, according to a market source.

Also, the original issue discount on the first-lien term loan was changed to 99.5 from 99, the source said.

The first-lien term loan still has a 0.5% Libor floor and 101 soft call protection for six months.

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

The company’s $700 million of credit facilities also include a $150 million ABL revolver and a $135 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC, Jefferies LLC and Wells Fargo Securities LLC are the lead arrangers on the deal.

Proceeds will be used to help fund the buyout of the company by American Securities from H.I.G. Capital.

Trace3 is an Irvine, Calif.-based technology solutions partner to enterprise and mid-market customers.

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