Trac launches $350 million term loan at SOFR plus 700 bps

By Sara Rosenberg

New York, Jan. 10 – Trac (Stonepeak Tarus Lower Holdings LLC) launched on Monday its $350 million eight-year second-lien term loan (Caa1/B+) with price talk of SOFR+CSA of 10 basis points plus 700 bps with a 0.5% floor and an original issue discount of 98 to 98.5, according to a market source.

The term loan has call protection of 102 in year one and 101 in year two.

Credit Suisse Securities (USA) LLC is the lead on the deal.

Commitments are due at 5 p.m. ET on Jan. 24.

Proceeds will be used to fund a distribution to the sponsor.

Trac is a marine chassis pool manager and equipment provider.

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