Pelican Products firms $525 million term loan at Libor plus 425 bps

By Sara Rosenberg

New York, Nov. 16 – Pelican Products Inc. set pricing on its $525 million seven-year first-lien term loan (B2/B) at Libor plus 425 basis points, the low end of the Libor plus 425 bps to 450 bps talk, according to a market source.

As before, the term loan has a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

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

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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