Capstone Logistics term loan B revisions surface; Lakeview tables loan transaction

By Sara Rosenberg

New York, March 9 – In the primary market on Monday, Capstone Logistics Acquisition Inc. trimmed its first-lien term loan B (B3/B-) to $340 million from $395 million, firmed pricing at Libor plus 475 basis points, the high end of the Libor plus 450 bps to 475 bps talk, and changed the Libor floor to 1% from 0%.

In addition, the original issue discount on the term loan was adjusted to 99 from 99.5 and the maturity was shortened to 5.5 years from seven years, a market source said.

As before, the term loan has 101 soft call protection for six months.

Commitments were due at noon ET on Monday.

Also, Lakeview Loan Servicing LLC pulled its $550 million seven-year term loan B due to market conditions, a market source remarked.

M&T Bank was the left lead on the deal.

Proceeds were going to be used to refinance existing debt and for general corporate purposes.

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