Intelligrated downsizes term B to $125 million, increases pricing

By Sara Rosenberg

New York, Feb. 14 - Intelligrated Inc. reduced its six-year term loan B to $125 million from $145 million and raised pricing to Libor plus 575 basis points from Libor plus 550 bps, according to a market source.

The 1.75% Libor floor and original issue discount of 99 were left unchanged.

However, call protection on the loan was changed to two years at 101, from a one-year 101 soft call, the source said.

Also, amortization on the term loan was changed to 5% in years one and two, 7.5% in years three and four and 10% in year five.

The company's now $155 million credit facility (B2), down from $175 million, also includes a $30 million five-year revolver.

Bank of America and SunTrust are the lead banks on the deal.

Proceeds will be used to refinance an existing second-lien loan and fund a dividend payment, which was reduced as a result of the term loan downsizing.

Intelligrated is a Cincinnati-based provider of automated material handling systems.

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