Phoenix Services firms 2019 first-lien term loan size at $371 million

By Sara Rosenberg

New York, May 25 – Phoenix Services (Metal Services LLC) firmed the size of its incremental and amended and extended first-lien term loan due June 30, 2019 at $371 million following a $6 million upsizing, according to a market source.

At launch, the amount of the incremental loan and amended and extended loan was described as still to be determined.

Pricing on the incremental term loan and the amended and extended term loan was unchanged at Libor plus 750 basis points with a 1% Libor floor and an original issue discount of 98.5, and there is still 101 hard call protection for one year.

Covenants include a total leverage ratio.

Credit Suisse Securities (USA) LLC and Morgan Stanley Senior Funding Inc. are the lead banks on the deal.

Proceeds will be used to refinance a portion of the company’s June 30, 2017 term loan priced at Libor plus 500 bps with a 1% Libor floor and to repay some revolving credit facility borrowings.

Phoenix Services is a provider of industrial services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.