Service Logic launches $330 million add-on loan at 99.27-99.75 OID

By Sara Rosenberg

New York, Feb. 5 – Service Logic held a lender call at 11 a.m. ET on Monday to launch a fungible $330 million add-on term loan B that is talked with an original issue discount of 99.27 to 99.75, according to a market source.

Pricing on the add-on term loan is SOFR+CSA plus 400 basis points with a step-down to SOFR plus 375 bps at 4x first-lien net leverage and a 0.75% floor, in line with existing term loan B pricing.

CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

The add-on term loan has 101 soft call protection for six months.

JPMorgan Chase Bank is the lead on the deal.

Commitments are due at 5 p.m. ET on Wednesday, the source added.

Proceeds will be used to refinance incremental term loan borrowings and to add cash to the balance sheet.

Service Logic is a Charlotte, N.C.-based provider of aftermarket maintenance, repair and replacement services for commercial HVAC equipment, chilled water systems, and building automation and controls systems.

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