Crystal Clean to launch $620 million term loan on Tuesday

By Sara Rosenberg

New York, March 18 – Crystal Clean (JFL-Tiger Acquisition Co. Inc.) is scheduled to hold a lender call at 11 a.m. ET on Tuesday to launch a $620 million first-lien term loan due Oct. 17, 2030, according to a market source.

Jefferies LLC is the lead arranger on the deal.

Price talk on the term loan is SOFR plus 450 basis points with a 0.5% floor and a par issue price, the source said.

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

Consents are due at 10:30 a.m. ET on Friday, the source added.

Proceeds will be used to reprice the company’s existing first-lien term loan down from SOFR plus 500 bps with a 0.5% floor.

Crystal Clean is a Hoffman Estates, Ill.-based provider of specialized environmental and waste management services.

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