Trace3 to launch $225 million incremental term loan on Tuesday

By Sara Rosenberg

New York, April 8 – Trace3 (Escape Velocity Holdings Inc.) will hold a lender call at 10 a.m. ET on Tuesday to launch a fungible $225 million covenant-lite incremental term loan B due Oct. 8, 2028, according to a market source.

Wells Fargo Securities LLC, Jefferies LLC, Santander and UBS Investment Bank are the lead arrangers on the deal.

Pricing on the incremental term loan is SOFR plus 425 basis points with a 0.5% floor.

The incremental term loan is talked with an original issue discount of 99.03, the source said.

The term loan is getting 101 soft call protection for six months.

Commitments are due at noon ET on April 16, the source added.

Proceeds will be used to fund a shareholder distribution.

American Securities is the sponsor.

Trace3 is an Irvine, Calif.-based technology and software focused IT solutions provider.

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