Trac finalizes $350 million second-lien term loan at 98.5 OID

By Sara Rosenberg

New York, Jan. 24 – Trac (Stonepeak Tarus Lower Holdings LLC) firmed the original issue discount on its $350 million eight-year second-lien term loan (Caa1/B+) at 98.5, the tight end of the 98 to 98.5 talk, according to a market source.

Pricing on the term loan remained at SOFR+CSA of 10 basis points plus 700 bps with a 0.5% floor.

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.

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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