Phoenix Services launches $615 million credit facilities to investors

By Sara Rosenberg

New York, Nov. 28 – Phoenix Services launched at its bank meeting on Tuesday $615 million of credit facilities, according to a market source.

The facilities consist of a $50 million revolver, a $425 million first-lien term loan and a $140 million second-lien term loan, the source said.

Price talk on the first-lien term loan is Libor plus 450 basis points with a 0% Libor floor and an original issue discount of 99.5, and talk on the second-lien term loan is Libor plus 850 bps with a 0% Libor floor and a discount of 99, the source continued.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 102 in year two.

KKR Capital Markets and Jefferies LLC are the leads on the deal.

Commitments are due on Dec. 12, the source added.

Proceeds will be used to refinance existing bank debt and fund a dividend.

Phoenix Services, an Olympus Partners portfolio company, is a provider of industrial services.

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