Michael Baker launches $250 million term loan at Libor plus 400 bps

By Sara Rosenberg

New York, Nov. 2 – Michael Baker International LLC launched on Thursday its $250 million five-year senior secured first-lien term loan with price talk of Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company’s $360 million of credit facilities also include a $110 million 4.5-year ABL revolver.

Jefferies LLC, SunTrust Robinson Humphrey Inc. and Citizens Bank are the bookrunners on the deal.

Commitments are due at noon ET on Nov. 14, the source added.

Proceeds will be used to refinance existing debt and to fund a distribution to SC3 shareholders in connection with the previously announced sale of SC3.

The company also plans on issuing notes.

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

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