Service Logic’s $140 million of term loans break for trading

By Sara Rosenberg

New York, March 12 – Service Logic allocated on Thursday its $40 million incremental term loan and $100 million delayed-draw term loan in line with initial talk and the debt freed to trade in the morning, according to a market source.

Pricing on the term loan debt is Libor plus 425 basis points with a 25 bps step-down at 3.75x net first-lien leverage and a 25 bps step-down at 3.25x net first-lien leverage, and a 1% Libor floor. The debt was sold at an original issue discount of 99, with the discount on the delayed-draw term loan paid when drawn.

The delayed-draw term loan has an unused fee of 100 bps after 60 days and is available for 18 months.

Upon breaking, the term loan and delayed-draw term loan strip was quoted at 99 bid, par offered, the source said.

Antares Capital is the lead on the deal.

Proceeds will be used to finance acquisitions.

Service Logic, a Warburg Pincus portfolio company, is a Charlotte, N.C.-based provider of aftermarket maintenance, repair and replacement services for commercial HVAC equipment, chilled water systems and building automation and controls systems.

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