Presidio ups talk on $325 million term B to Libor plus 550-575 bps

By Sara Rosenberg

New York, March 23 - Presidio Inc. increased price talk on its $325 million term loan B to Libor plus 550 basis points to 575 bps from Libor plus 450 bps, according to a market source.

As before, the term loan B is being offered with a 1.5% Libor floor, an original issue discount of 99½ and 101 call protection for one year, the source said.

The company's $360 million credit facility (Ba3/B+) also includes a $35 million revolver.

Commitments are due later this week.

Barclays and Morgan Stanley are the joint lead arrangers and bookrunners on the deal, and GE Capital Markets is a bookrunner as well.

Proceeds will be used to help fund the buyout of the company by American Securities.

Presidio is a Greenbelt, Md.-based provider of advanced technology infrastructure services.

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