Pelican Products to launch $525 million term loan on Wednesday

By Sara Rosenberg

New York, Nov. 2 – Pelican Products Inc. is scheduled to hold a lender call at 2 p.m. ET on Wednesday to launch a $525 million seven-year first-lien term loan, according to a market source.

BofA Securities Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., Houlihan Lokey and Ares are the leads on the deal.

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

Proceeds will be used to help fund the buyout of the company by Platinum Equity.

Closing is expected by the end of the fourth quarter.

Pelican Products is a Torrance, Calif.-based designer and manufacturer of high-performance protective cases and rugged gear for professionals and outdoor enthusiasts, and temperature-controlled supply chain solutions for the health care industry.

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