Infiltrator Systems moves funds between first- and second-lien loans

By Sara Rosenberg

New York, May 20 – Infiltrator Systems Integrated LLC upsized its seven-year first-lien covenant-light term loan to $245 million from $230 million and downsized its eight-year second-lien covenant-light term loan to $100 million from $115 million, according to a market source.

Also, pricing on the first-lien term loan was reduced to Libor plus 425 basis points from Libor plus 450 bps, the original issue discount was tightened to 99.5 from 99 and the 101 soft call protection was extended to one year from six months, the source said.

The first-lien term loan still has a 1% Libor floor.

Pricing on the second-lien term loan was unchanged at Libor plus 875 bps with a 1% Libor floor and a discount of 98.5, and there is still call protection of 102 in year one and 101 in year two.

Deutsche Bank Securities Inc., RBC Capital Markets and Nomura are the bookrunners on the $345 million of term loans.

Proceeds will be used to help fund the buyout of the company by Teachers’ Private Capital.

Closing is expected late this month.

Infiltrator Systems is an Old Saybrook, Conn.-based provider of engineered plastic chambers, synthetic aggregate leach fields, tanks and accessories for the onsite wastewater and stormwater industries.

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