ValleyCrest cuts spread on $265 million loan to Libor plus 450 bps

By Sara Rosenberg

New York, June 6 - ValleyCrest Cos. LLC reduced pricing on its $265 million six-year senior secured covenant-light term loan (B3/B-) to Libor plus 450 basis points from Libor plus 475 bps, according to a market source.

As before, the loan has a 1% Libor floor, an original issue discount of 99 and 101 repricing protection for one year.

Recommitments were due at 5 p.m. ET on Thursday, the source said.

Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC are the lead banks on the deal.

Proceeds will be used to refinance an existing term loan.

ValleyCrest is a Calabasas, Calif.-based provider of landscape maintenance 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.