PS Logistics to launch $385 million term loan B on Sept. 13

By Sara Rosenberg

New York, Sept. 2 – PS Logistics is scheduled to hold a lender call at 11 a.m. ET on Sept. 13 to launch a $385 million seven-year term loan B, according to a market source.

RBC Capital Markets, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and KKR Capital Markets are the joint lead arrangers on the deal.

The company also plans on getting a $100 million ABL revolving credit facility for which Wells Fargo is the administrative agent.

Proceeds will be used with $300 million of eight-year senior notes to help fund the buyout of the company by Gamut Capital Management LP and British Columbia Investment Management Corp. and refinance a roughly $300 million term loan B.

Closing is expected in the third quarter, subject to customary conditions.

PS Logistics is a Birmingham, Ala.-based flatbed transportation and full-service logistics provider.

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