Titan Acquisition finalizes $688.25 million term loan at 99.75 OID

By Sara Rosenberg

New York, Dec. 1 – Titan Acquisition Holdings (LSF11 Trinity Bidco Inc.) set the original issue discount on its $688.25 million first-lien term loan B due 2030 at 99.75, the wide end of the 99.75 to par talk, according to a market source.

Pricing on the term loan remained at SOFR plus 400 basis points with a 0% floor.

The term loan still has 101 soft call protection for six months.

JPMorgan Chase Bank is the left lead on the deal and the administrative agent.

Proceeds will be used to reprice an existing term loan down from SOFR plus 425 bps.

In connection with this transaction, the existing term loan is being paid down by $10 million from $698.25 million.

Titan is a Portland, Ore.-based provider of ship maintenance, repair and overhaul services.

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