Rinchem cuts spread on $300 million term loan to SOFR plus 450 bps

By Sara Rosenberg

New York, Feb. 4 – Rinchem Co. Inc. reduced pricing on its $300 million seven-year term loan B to SOFR plus 450 basis points from SOFR plus 475 bps, according to a market source.

In addition, the original issue discount on the term loan was revised to 99.5 from 99, the source said.

The term loan still has a 0.5% floor and 101 soft call protection for six months

The company’s $335 million of credit facilities (B3/B-) also include a $35 million five-year revolver.

RBC Capital Markets, Barclays, Deutsche Bank Securities Inc. and Macquarie Capital (USA) Inc. are the lead arrangers on the deal.

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

Proceeds will be used to help fund the buyout of the company by Stonepeak.

Closing is expected this quarter, subject to regulatory approvals and other customary conditions.

Rinchem is an Albuquerque-based specialty warehousing and logistics company.

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