Spotless firms term loans at tight end of talk, revises OIDs

By Sara Rosenberg

New York, Sept. 23 - Spotless Holdings Ltd. set pricing on its $825 million five-year first-lien term loan (B1/B) at Libor plus 400 basis points, the low end of the Libor plus 400 bps to 425 bps talk, and on its $225 million 51/2-year second-lien term loan (B3/CCC+) at Libor plus 775 bps, the low end of the Libor plus 775 bps to 800 bps talk, according to a market source.

Furthermore, the original issue discount on the first-lien term loan was modified to 99½ from 99 and the discount on the second-lien term loan was changed to 99 from 981/2, the source said.

As before, both term loans have a 1% Libor floor, the first-lien loan has 101 soft call protection for one year, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Deutsche Bank Securities Inc., Goldman Sachs Bank USA, UBS Securities LLC and Barclays are the lead banks on the $1.05 billion in covenant-light term loans.

Proceeds will be used to refinance existing debt and fund a dividend.

Spotless is an Australia-based provider of integrated facility management services.

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