Landmark Aviation launches $240 million term loan, sets price talk

By Sara Rosenberg

New York, Jan. 5 - Landmark Aviation, formerly Piedmont/Hawthorne Holdings Inc., released details on its new $240 million term loan (B1/B+) as the debt was launched to existing lenders only via a conference call on Friday, according to a market source.

The first-lien term loan, which is comprised of about $108 million of add-on debt and about $132 million of existing first-lien term loan debt, is being talked at Libor plus 250 basis points, in line with current first-lien pricing, the source said.

Lehman Brothers is the left lead bank on the deal.

Proceeds from the incremental first-lien term loan debt will be used to refinance the company's existing second-lien term loan and to repay some revolver borrowings.

The company's existing $60 million revolver will remain in place, the source added.

Landmark Aviation is a Tempe, Ariz., provider of aftermarket services to the business aviation industry.

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