Evergreen cuts term to $190 million, prices at Libor plus 1,000 bps

By Sara Rosenberg

New York, June 22 - Evergreen International Aviation Inc. downsized its term loan to $190 million from $225 million and increased pricing to Libor plus 1,000 basis points from talk of Libor plus 900 bps to 950 bps, according to a market source.

In addition, the original issue discount firmed at 97, the wide end of the 97 to 98 talk, the source said.

As before, the term loan has a 1.5% Libor floor and call protection of 103 in year one, 102 in year two and 101 in year three.

The company's $200 million credit facility (B+), down from $235 million, also includes a $10 million revolver.

Goldman Sachs & Co. is the lead bank on the deal.

Proceeds will be used to refinance existing debt.

The downsizing of the term loan resulted from an asset sale by the company and a decision to forgo a $5 million paydown on the second-lien term loan.

The company amended its second-lien term loan earlier to extend the maturity to September 2015 at pricing of Libor plus 1,200 basis points with a 3% Libor floor.

Evergreen is a McMinnville, Ore.-based aviation services company.

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