Presidio to launch $575 million term loan on Wednesday afternoon

By Sara Rosenberg

New York, May 5 – Presidio Inc. is set to hold a lender call at 2 p.m. ET on Wednesday to launch a $575 million first-lien covenant-light term loan due February 2022, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Price talk on the term loan is Libor plus 425 basis points with a 1% Libor floor and a par issue price, the source said.

The term loan has 101 soft call protection for six months.

Proceeds will be used to reprice an existing term loan from Libor plus 525 bps with a 1% Libor floor. The existing term loan is being reduced from $600 million with this transaction.

Commitments are due on May 13, the source added.

Presidio is a New York-based IT infrastructure solutions provider.

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