Safway Group firms $160 million incremental term loan B at 99.5 OID

By Sara Rosenberg

New York, Oct. 28 – Safway Group Holding LLC set the original issue discount on its fungible $160 million senior secured incremental covenant-light first-lien term B (B3/B+) due Aug. 19, 2023 at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

Pricing on the incremental term loan is Libor plus 475 basis points with a 1% Libor floor, and the debt has 101 soft call protection until August 2017.

Morgan Stanley Senior Funding Inc. is the bookrunner on the deal.

Proceeds will be used with an ABL draw to fund the acquisition of SafeWorks and pay related fees and expenses.

Closing is expected on Nov. 7, the source added.

Safway is a Waukesha, Wis.-based provider of access, scaffolding, insulation, fireproofing, surface preparation and coatings solutions.

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