TriMark USA finalizes pricing on $355 million term loans

By Paul A. Harris

Portland, Ore., Sept. 26 – TriMark USA Corp. (TMK Hawk Parent Corp.) priced its $250 million Libor plus 425 basis points seven-year first-lien covenant-light term loan (B3/B) at 99.5, according to a market source.

The deal came on top of price talk that had been revised from 99.

The $105 million Libor plus 750 bps eight-year second-lien covenant-light term loan (Caa2/CCC+) priced at 99, on top of talk.

Both tranches have 1% Libor floors.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

The company’s $455 million credit facility also provides for a $100 million ABL revolver.

Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC, RBS Citizens, Deutsche Bank Securities Inc. and Jefferies Finance LLC are the leads on the deal.

Proceeds will be used to back the recently completed buyout of the company by Warburg Pincus from Audax Group.

TriMark is a South Attleboro, Mass.-based provider of equipment, supplies and design services to the foodservice industry.

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