Pelican Products talks $435 million facility at Libor plus 425-450 bps

By Sara Rosenberg

New York, Nov. 10 - Pelican Products Inc. launched its $435 million credit facility on Wednesday with price talk of Libor plus 425 basis points to 450 bps with a 1.5% Libor floor and an original issue discount of 99, according to sources.

The facility consists of a $30 million revolver and a $405 million term loan.

Credit Suisse and GE Capital are the lead banks on the deal, with Credit Suisse the left lead.

Proceeds will be used to refinance existing debt.

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

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