United States Infrastructure cuts first-lien term loan spread

By Sara Rosenberg

New York, July 25 - United States Infrastructure Corp. trimmed pricing on its $430 million covenant-light first-lien term loan (B2/B) to Libor plus 375 basis points from talk of Libor plus 425 bps to 450 bps, according to a market source.

And, the original issue discount on the first-lien term loan was changed to 99½ from 99, the source said.

The first-lien term loan still has a 1% Libor floor and 101 soft call protection for six months.

The company's $670 million credit facility also includes a $75 million revolver (B2/B) and a $165 million second-lien term loan (Caa2/CCC+) that has already been privately placed.

Deutsche Bank Securities Inc., General Electric Capital Corp. and RBC Capital Markets are leading the debt.

Proceeds will be used to help fund the buyout of the company by Leonard Green & Partners LP from Omers Private Equity.

Closing is expected in the third quarter.

United States Infrastructure is an Indianapolis-based provider of outsourced utility locating services.

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