GCA Services Group firms $515 million term loan at discount of 98

By Sara Rosenberg

New York, Feb. 19 – GCA Services Group Inc. finalized the original issue discount on its $515 million seven-year covenant-light first-lien term loan (B1/B) at 98, the wide end of the 98 to 98.5 talk, according to a market source.

Pricing on the loan remained at Libor plus 475 basis points with a 1% Libor floor, and the debt still has 101 soft call protection for six months.

Along with the first-lien term loan, the company is getting a $100 million five-year revolver (B1/B) and a $180 million pre-placed eight-year second-lien term loan (Caa1/CCC+).

Goldman Sachs Bank USA, Barclays, UBS AG, ING and Macquarie Capital (USA) Inc. are the lead banks on the deal.

Proceeds will be used to help fund the buyout of the company by the Merchant Banking Division of Goldman Sachs and Thomas H. Lee Partners LP from Blackstone.

Closing is expected this quarter, subject to customary conditions.

GCA is a Cleveland-based provider of facility services, including janitorial/custodial services, contamination control for cleanroom manufacturing, facilities operations and maintenance services, grounds and athletic field management services, and diversified staffing.

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