Evans Network revises OID on $262.5 million in term loans to 99.75

By Sara Rosenberg

New York, May 22 – Evans Network of Cos. tightened the original issue discount on its $238.5 million seven-year covenant-light term loan and $24 million delayed-draw term loan to 99.75 from 99.5, according to a market source.

Pricing on the term loan debt remained at Libor plus 425 basis points with a 0% Libor floor, however, a step-down was added to Libor plus 400 bps when total net leverage is less than 4 times, the source said.

The delayed-draw loan has a two year drawdown period and an undrawn fee of 1% in year one and 1.5% in year two.

The term loans are being sold pro rata.

Antares Capital is the lead on the $262.5 million of first-lien term loans (B3/B).

Recommitments were scheduled to be due by the end of the day on Tuesday, the source added.

Allocations are targeted for Thursday.

Proceeds will be used to refinance existing debt and fund a distribution to existing shareholders.

Closing is expected on May 30.

Evans Network, a Calera Capital portfolio company, is a Schuylkill Haven, Pa.-based asset-light, tech-enabled service provider to operators in the logistics industry.

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