StandardAero updates issue prices on $2.76 billion of term loans

By Sara Rosenberg

New York, March 19 – StandardAero (Dynasty Acquisition Co.) set the original issue discount for rolled positions for its term loan debt at par, the tight end of the 99.75 to par talk, and changed the discount for new commitments to 99.875 from 99.5, according to a market source.

Pricing on the term loans remained at SOFR plus 350 basis points with a 0% floor.

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

The company is getting $2,762,125,000 of first-lien term loans due August 2028, of which $200 million is a fungible incremental term loan B-1 that will be used to repay existing unsecured notes, $1,793,487,500 is a repricing of the existing term loan B-1 at the U.S. borrower down from SOFR plus 400 bps with a 0% floor, and $768,637,500 is a repricing of the existing term loan B-2 at the Canadian borrower down from SOFR plus 400 bps with a 0% floor.

The B-1 and B-2 tranches are being sold and will trade as a strip.

UBS and Carlyle are the arrangers on the deal. Credit Suisse is the administrative agent.

Recommitments are due at 10 a.m. ET on Wednesday, the source added.

StandardAero is a Scottsdale, Ariz.-based provider of aircraft engine maintenance, repair and overhaul services for the aerospace and defense industries.

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