Protective Industrial shops $150 million loan at SOFR plus 500 bps

By Sara Rosenberg

New York, May 17 – Protective Industrial Products Inc. (PIP) is talking its non-fungible $150 million incremental first-lien term loan (B2/B-) at SOFR plus 500 basis points with a 0.75% floor and an original issue discount of 97, according to a market source.

The incremental term loan has 101 soft call protection for six months and no credit spread adjustment, the source said.

Antares Capital is the left lead arranger on the deal that launched with a call on Tuesday.

Proceeds will be used for acquisitions.

Commitments are due on Tuesday, the source added.

Protective Industrial, a portfolio company of Odyssey Investment Partners, is a Latham, N.Y.-based provider of essential, consumable and high-performance hand and arm protection as well as other personal protective equipment and workwear.

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