Sensus readies launch of $50 million add-on first-lien loan for Friday

By Sara Rosenberg

New York, Dec. 12 - Sensus USA Inc. will hold a call at 11 a.m. ET on Friday to launch a fungible $50 million tack-on first-lien term loan due May 2017, according to a market source.

Credit Suisse Securities (USA) LLC and Goldman Sachs Bank USA are the lead banks on the deal.

The add-on is talked at Libor plus 350 basis points with a step-down at 4 times leverage, a 1.25% Libor floor and an original issue discount of 991/2, the source said.

The spread and floor on the add-on match the existing first-lien term loan.

Both the add-on and the existing loan will get 101 soft call protection for six months, the source added.

Covenants include maximum leverage and minimum interest coverage ratios.

Proceeds will be used to repay revolver borrowings and for general corporate purposes.

Commitments are due at 5 p.m. ET on Monday.

Sensus is a Raleigh, N.C.-based technology company providing energy and water utility customers with conservation products and services.

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