LaserShip increases incremental first- and second-lien loan sizes

By Sara Rosenberg

New York, Oct. 18 – LaserShip Inc. upsized its fungible incremental first-lien term loan due May 7, 2028 to $700 million from $650 million and its fungible incremental second-lien term loan due May 7, 2029 to $250 million from $225 million, according to a market source.

In addition, the original issue discount on the incremental second-lien term loan was tightened to 99 from 98.5, the source said.

The discount on the incremental first-lien term loan remained at 99.5.

Pricing on the incremental first-lien term loan is Libor plus 450 basis points with one leverage-based step-down and one step-down upon completion of an initial public offering, and a 0.75% Libor floor, and pricing on the incremental second-lien term loan is Libor plus 750 bps with one step-down upon completion of an initial public offering and a 0.75% Libor floor.

The company is also getting a $50 million incremental revolver due May 7, 2026.

Jefferies LLC, RBC Capital Markets, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and UBS Investment Bank are the lead arrangers on the deal.

Recommitments are due at noon ET on Tuesday with allocations thereafter, the source added.

Proceeds will be used to fund the acquisition of OnTrac Logistics Inc.

LaserShip is a regional last mile parcel delivery provider in the eastern United States with a focus on business to consumer deliveries for e-commerce retailers. OnTrac is a Chandler, Ariz.-based logistics company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.