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Safe Fleet flexes $122 million term loan to Libor plus 375 bps
By Sara Rosenberg
New York, Oct. 1 - Safe Fleet Acquisition Corp. reduced pricing on its $122 million six-year first-lien term loan to Libor plus 375 basis points from talk of Libor plus 400 bps to 425 bps, according to a market source.
Also, the Libor floor was lowered to 1% from 1.25%, the source said.
The term loan still has an original issue discount of 99½ and 101 soft call protection for six months.
The company's $152 million first-lien credit facility also provides for a $30 million five-year revolver.
BNP Paribas Securities Corp. is the lead bank on the deal.
Proceeds will be used to help fund the acquisitions of ROM Corp. and Specialty Manufacturing Inc.
In addition, the company is getting a $48 million seven-year second-lien term loan that is being held by Oaktree Capital.
Safe Fleet is a provider of safety-oriented components to the emergency vehicle, truck and trailer, utility vehicle, school bus and transit bus end markets.
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