Novae launches $450 million of term loans at SOFR plus 500 bps

By Sara Rosenberg

New York, Jan. 19 – Novae LLC launched on Wednesday its $350 million seven-year first-lien term loan and $100 million seven-year first-lien delayed-draw for six months term loan with price talk of SOFR+CSA plus 500 basis points with two step-downs, a 0.75% floor and an original issue discount of 99, according to a market source.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The term loan debt has 101 soft call protection for six months.

The company’s $500 million of credit facilities also include a $50 million five-year revolver.

Jefferies LLC, SMBC and Nomura are the bookrunners on the deal.

Commitments are due at noon ET on Feb. 2, the source added.

Proceeds will be used to fund the acquisition of the company by Brightstar Capital Partners and the acquisition of Mirage Trailers.

Novae is a Markle, Ind.-based manufacturer of professional grade utility, dump, equipment, deckover and enclosed trailers.

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