Pike cuts spread on $1.02 billion term loan B to Libor plus 325 bps

By Sara Rosenberg

New York, July 19 – Pike Corp. lowered pricing on its $1.02 billion seven-year covenant-lite first-lien term loan B (B2/B) to Libor plus 325 basis points from Libor plus 350 bps, according to a market source.

Additionally, the original issue discount on the term loan firmed at 99.75, the tight end of the 99.5 to 99.75 talk, the source said.

The term loan still has a 1% Libor floor and 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

Recommitments were scheduled to be due at 10 a.m. ET on Friday, the source added.

Proceeds will be used to refinance existing debt, fund an acquisition and pay related fees and expenses.

Pike is a Mount Airy, N.C.-based specialty construction and engineering firm.

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