Vantage Elevator firms $525 million term loan at Libor plus 375 bps

By Sara Rosenberg

New York, Nov. 10 – Vantage Elevator Solutions finalized pricing on its $525 million seven-year first-lien term loan (B2/B-) at Libor plus 375 basis points, the low end of the Libor plus 375 bps to 400 bps talk, according to a market source.

Also, the original issue discount on the first-lien term loan was tightened to 99.25 from 99 and then revised again to end up at 99.5, the source said.

The first-lien term loan still has a 0.5% Libor floor and 101 soft call protection for six months.

Recommitments were scheduled to be due at 1:30 p.m. ET on Wednesday, the source added.

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

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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