Patriot Rail talks $285 million term loan B at Libor plus 475-500 bps

By Sara Rosenberg

New York, Sept. 25 – Patriot Rail & Ports launched on Wednesday its $285 million seven-year term loan B with price talk of Libor plus 475 basis points to 500 bps with a 0% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company’s $325 million of credit facilities (B) also include a $40 million revolver.

RBC Capital Markets and Barclays are the joint bookrunners on the deal.

Commitments are due at 5 p.m. ET on Oct. 9, the source added.

Proceeds will be used to help fund the buyout of the company by First State Investments.

Closing is expected in the fourth quarter.

Patriot Rail is a Jacksonville, Fla.-based owner of a portfolio of short-line railroads, port terminals and related infrastructure assets, providing transportation and logistics solutions.

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