Ennis-Flint ups term B to $252 million, trims revolver to $38 million

By Sara Rosenberg

New York, March 20 - Ennis-Flint increased its six-year first-lien term loan B to $252 million from $240 million and decreased its five-year revolver to $38 million from $50 million, according to a market source.

Pricing on the tranches was left unchanged at Libor plus 500 basis points with a 1.25% Libor floor and an original issue discount of 981/2, the source said.

The $405 million credit facility still includes a $115 million 61/2-year second-lien term loan priced at Libor plus 900 bps with a 1.25% Libor floor and an original issue discount of 98.

As before, the first-lien term loan B has 101 repricing protection for one year, and the second-lien loan has call prices of 103 in year one, 102 in year two and 101 in year three.

Recommitments were due at 5 p.m. ET on Tuesday.

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

Proceeds will be used to refinance existing debt in connection with the merger of Ennis Traffic Safety Solutions and Flint Trading Inc., both of which are majority owned by Brazos Private Equity Partners LLC.

Closing on the merger is expected in the second quarter.

Leverage is around 3.7 times through the first-lien and around 5.4 times total.

Ennis-Flint is a provider of pavement markings that offers a range of products, including traffic paint, conventional and preform thermoplastics and raised pavement markers. Corporate offices are in Dallas and Thomasville, N.C.

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