Wastequip flexes $145 million term loan to Libor plus 350 bps

By Sara Rosenberg

New York, Feb. 13 – Wastequip LLC (Patriot Container Corp.) reduced pricing on its fungible $145 million incremental term loan B due March 20, 2025 to Libor plus 350 basis points from Libor plus 400 bps, according to a market source.

Also, the original issue discount on the incremental term loan was set at 99.5, the tight end of the 99 to 99.5 talk, the source said.

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

Due to the flex, the company will no longer increase pricing on its existing term loan B from Libor plus 350 bps to match the incremental loan pricing.

Barclays is the bookrunner and administrative agent on the deal.

Recommitments are due at 11 a.m. ET on Friday, the source added.

Proceeds will be used to fund a tuck-in acquisition, fund a distribution to existing shareholders, repay revolving credit facility drawings, and pay fees, expenses and accrued interest related to the transaction.

H.I.G. Capital is the sponsor.

Wastequip is a Charlotte, N.C.-based manufacturer of waste and recycling equipment.

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