Vantage Elevator launches $525 million loan at Libor plus 375-400 bps

By Sara Rosenberg

New York, Nov. 2 – Vantage Elevator Solutions launched on Tuesday its $525 million seven-year first-lien term loan (B2) with price talk of Libor plus 375 basis points to 400 bps with a 0.5% Libor floor and an original issue discount of 99, according to a market source.

The first-lien term loan has 101 soft call protection for six months, the source said.

Commitments are due at noon ET on Nov. 16.

The company’s $820 million of credit facilities also include an $85 million five-year revolver (B2) and a $210 million privately placed eight-year second-lien term loan.

Earlier this week, it was announced that the second-lien term loan would be privately placed instead of broadly syndicated as originally planned.

RBC Capital Markets, Jefferies LLC and Antares Capital are the joint lead arrangers on the deal.

Proceeds will be used to help fund the buyout of the company by Ontario Teachers’ Pension Plan Board. Vantage’s current owner, Golden Gate Capital, will retain a significant minority ownership stake in the company.

Closing is expected before the end of the year.

Vantage is a Bronx, N.Y.-based elevator component manufacturer.

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