Protective Industrial to launch $225 million term loan on Thursday

By Sara Rosenberg

New York, May 1 – Protective Industrial Products Inc. (PIP) is scheduled to hold a lender call at 2 p.m. ET on Thursday to launch a fungible $225 million incremental first-lien term loan B, according to a market source.

Antares Capital is the left lead arranger on the deal.

Pricing on the term loan is SOFR+CSA plus 400 basis points with a 0.75% floor.

CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

The incremental term loan is talked with an original issue discount of 99.5, the source said.

Proceeds will be used to refinance an existing $150 million term loan priced at SOFR plus 500 bps with a 0.75% floor and to pay down a portion of an existing second-lien term loan.

Pro forma for the transaction, the term loan B will total $854,762,121.

Protective Industrial, a portfolio company of Odyssey Investment Partners, is a Latham, N.Y.-based provider of essential, consumable and high-performance hand and arm protection as well as other personal protective equipment and workwear.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.