CLEAResult gets $40 million add-on term loan at discount of 99½

By Sara Rosenberg

New York, Aug. 1 – CLEAResult completed a $40 million add-on term loan due July 10, 2019 that is priced at Libor plus 425 basis points with a 1% Libor floor and an original issue discount of 99½, according to a market source.

Societe Generale and Key Bank were the leads on the deal that closed on Thursday.

The loan has maximum leverage, minimum interest coverage and maximum capital expenditures covenants.

Proceeds are being used to back the acquisition of Applied Proactive Technologies Inc.

General Atlantic is the sponsor.

Pro forma senior and total leverage is 4.1 times and net leverage is 3.7 times, the source added.

CLEAResult is an Austin, Texas-based provider of outsourced energy efficiency optimization solutions primarily for utility clients in the U.S. and Canada. Applied Proactive is a Springfield, Mass.-based provider of utility-sponsored retail-based EE programs.

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