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Landmark Aviation lifts first-lien loan size, modifies offer prices
By Sara Rosenberg
New York, June 24 – Landmark Aviation upsized its incremental first-lien term loan B to $255.4 million from $220.4 million and tightened the original issue discount to 99¾ from talk of 99 to 99½, according to a market source.
Pricing on the first-lien term loan is still Libor plus 375 basis points with a 1% Libor floor and there is still 101 soft call protection for six months.
As for the $105.5 million incremental second-lien term loan, the discount was also changed to 99¾ from talk of 99 to 99½, the source said.
The second-lien term loan remained at Libor plus 725 bps with a 1% Libor floor and there is still 101 hard call protection for one year.
Pricing on the incremental first-lien loan matches existing first-lien pricing, while pricing on the incremental second-lien loan varies from current second-lien loan pricing of Libor plus 825 bps with a 1.25% Libor floor. As a result, the existing second-lien loan will be repriced to match the incremental pricing.
Recommitments and consents are due by 5 p.m. ET on Wednesday, the source added.
Morgan Stanley Senior Funding Inc., RBC Capital Markets LLC and Barclays are the lead banks on the now $360.9 million of new senior secured term loans, up from $325.9 million.
Proceeds will be used to fund the acquisition of Ross Aviation, a Denver-based network of fixed based operations, from Centre Partners Management LLC and management, to pay down revolver borrowings and for general corporate purposes.
The $35 million first-lien term loan upsizing will be used to reduce equity in the acquisition of Ross Aviation and put cash on the balance sheet.
Closing is expected during the second half of this year, subject to satisfaction of customary conditions.
Landmark Aviation is a Houston-based provider of FBO, MRO and aircraft charter and management services.
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