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LaserShip to launch $925 million of incremental bank debt on Thursday
By Sara Rosenberg
New York, Oct. 6 – LaserShip Inc. is scheduled to hold a bank meeting at 2 p.m. ET on Thursday to launch $925 million of incremental bank debt, according to a market source.
Jefferies LLC, RBC Capital Markets, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and UBS Investment Bank are the lead arrangers on the deal.
The debt consists of a $50 million incremental revolver due May 7, 2026, a fungible $650 million incremental first-lien term loan due May 7, 2028 and a fungible $225 million incremental second-lien term loan due May 7, 2029, the source said.
Proceeds will be used to fund the acquisition of OnTrac Logistics Inc.
Pro forma for the transaction, the revolver will total $125 million, the first-lien term loan will total $1.325 billion and the second-lien term loan will total $430 million.
LaserShip is a regional last mile parcel delivery provider in the eastern United States with a focus on business to consumer deliveries for e-commerce retailers. OnTrac is a Chandler, Ariz.-based logistics company.
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