Pelican Products flexes $346 million term loan to Libor plus 500 bps

By Sara Rosenberg

New York, Dec. 11 - Pelican Products Inc. lowered pricing on its roughly $346 million first-lien term loan due June 2018 to Libor plus 500 basis points from Libor plus 525 bps, according to a market source.

The term loan still has a 1.25% Libor floor, a par offer price and 101 soft call protection for six months.

The company's $376 million credit facility also includes a $30 million revolver.

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

Proceeds will be used to refinance existing bank debt, including a first-lien term loan priced at Libor plus 550 bps with a 1.5% Libor floor.

Commitments are due at noon ET on Thursday.

Pelican Products is a Torrance, Calif.-based designer and manufacturer of advanced lighting systems and virtually indestructible cases.

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