Pasha Group shops $260 million term loan B at Libor plus 575-600 bps

By Sara Rosenberg

New York, Sept. 15 – Pasha Group is talking its $260 million six-year term loan B (B) at Libor plus 575 basis points to 600 bps with a 1% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

The term loan has hard call protection of 102 in year one and 101 in year two, the source said.

Included in the loan is a total leverage ratio covenant.

Bank of America Merrill Lynch is the lead bank on the deal that launched with a meeting on Thursday.

Commitments are due on Sept. 27, the source added.

Proceeds will be used to refinance existing debt.

Pasha Group is a San Rafael, Calif.-based diversified logistics and transportation services company.

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