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Vestis readies launch of $800 million term loan B for Thursday
By Sara Rosenberg
New York, Jan. 31 – Vestis Corp. is scheduled to hold a lender call at 11 a.m. ET on Thursday to launch an $800 million seven-year covenant-lite term loan B, according to a market source.
Wells Fargo Securities LLC is the left lead arranger on the deal.
Price talk on the term loan is SOFR plus 225 basis points to 250 bps with a 0% floor and an original issue discount of 99.5, the source said.
The term loan has 101 soft call protection for six months and amortization of 1% per annum.
Security is a first lien on substantially all loan party personal property assets, subject to customary exclusions.
Commitments are due at noon ET on Feb. 15, the source added.
Proceeds will be used to refinance an existing $800 million term loan A-2 due 2025.
Vestis is a Roswell, Ga.-based provider of uniform rentals and workplace supplies.
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