Michael Baker withdraws $450 million term loan B from market

By Sara Rosenberg

New York, May 4 – Michael Baker International LLC pulled its $450 million seven-year covenant-light term loan B (B2/B+) from the primary market and terminated the tender offer for its $350 million 8.25% senior secured notes that the loan was going to finance, according to a market source.

The term loan had been talked at Libor plus 425 basis points with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Barclays was the bookrunner on the deal.

In addition to funding the tender offer, the term loan was going to be used to refinance an existing $140 million ABL revolver due 2018, repay an existing $8 million PMC subordinated notes due 2018, and repay about $4 million of certain HoldCo debt and preferred equity.

Michael Baker is a Pittsburgh-based provider of engineering, development, intelligence and technology solutions.

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