Lakeshore shifts funds between funded and delayed-draw term loans

By Sara Rosenberg

New York, Aug. 12 – Lakeshore Recycling Systems (LRS Holdings LLC) upsized its funded term loan B due 2028 to $315 million from $300 million and downsized its delayed-draw term loan to $8 million from $23 million, according to a market source.

Price talk on the term loan debt is Libor plus 425 basis points to 450 bps with a 25 bps step-down at 0.5x inside closing date leverage, a 0.75% Libor floor and an original issue discount of 99.

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

Delayed-draw ticking fees are half the spread from days 46 to 90 and the full spread thereafter.

The delayed-draw is available to be drawn 135 days from closing.

The company’s $398 million of credit facilities (B3/B) also include a $75 million revolver.

JPMorgan Chase Bank is the lead on the deal.

Proceeds will be used to help fund the buyout of the company by Macquarie Infrastructure and Real Assets.

Lakeshore is a Morton Grove, Ill.-based recycling and waste diversion services provider.

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