Allied Specialty Vehicles downsizes term loan B to $140 million

By Sara Rosenberg

New York, Dec. 10 - Allied Specialty Vehicles Inc. reduced its term loan B (B2/B+) to $140 million from $165 million and shortened the tenor to five years from six years, according to a market source.

Also, price talk on the B loan is now Libor plus 800 basis points with a 2% Libor floor and an original issue discount of 97, the source said.

Most recently, accounts were hearing talk in the Libor plus 700 bps to 800 bps range with a 1.75% floor and a discount in the 97 to 98 area. And, at launch, talk had been Libor plus 525 bps to 550 bps with a 1.75% floor and a discount of 98.

The term loan B is also expected to include call protection and stronger amortization.

The company's now $240 million credit facility also provides for a $100 million five-year asset-based revolver.

JPMorgan is the left lead bank on the deal.

Proceeds will be used for a recapitalization.

Allied Specialty is a manufacturer of specialty vehicles in the recreational vehicle, fire, ambulance, bus, terminal truck and industrial sweeper markets.

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