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Belfor USA Group talks $200 million term loan B at Libor plus 275 bps
By Sara Rosenberg
New York, March 20 - Belfor USA Group Inc. is talking its $200 million six-year term loan B at Libor plus 275 basis points with a 1% Libor floor and an original issue discount of 99¼ to 99½ ahead of its bank meeting at 10 a.m. ET in New York on Thursday, according to a market source.
The term loan B has 101 soft call protection for one year, the source said.
In addition to the B loan, the company's $520 million credit facility includes a $170 million five-year revolver and a $150 million five-year term loan A.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds will be used to refinance existing debt.
Expected credit facility ratings are B1 from Moody's Investors Service and BB- from Standard & Poor's.
Belfor is a damage recovery and restoration provider based in Birmingham, Mich.
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