PremiStar reduces add-on term loan amount to $50 million

By Sara Rosenberg

New York, Nov. 21 – PremiStar downsized its fungible add-on covenant-lite first-lien term loan due August 2028 to $50 million from $75 million, according to a market source.

Pricing on the add-on term loan remained at SOFR plus 450 basis points with a 0.75% floor and an original issue discount of 99.03.

Truist Securities is the left lead on the deal.

Commitments continued to be due on Tuesday, the source added.

Proceeds will be used for general corporate purposes, including to fund near-term acquisitions.

PremiStar, formerly known as Reedy Industries, is a Deerfield, Ill.-based provider of commercial heating, ventilation and air conditioning services.

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