Sprint Industrial flexes second-lien loan to Libor plus 1,000 bps

By Sara Rosenberg

New York, May 9 - Sprint Industrial Holdings LLC reduced pricing on its $70 million 61/2-year second-lien term loan (Caa2/CCC+) to Libor plus 1,000 basis points from talk of Libor plus 1,025 bps to 1,050 bps, according to a market source.

The second-lien term loan still has a 1.25% Libor floor, an original issue discount of 98 and call protection of 103 in year one, 102 in year two and 101 in year three.

In addition, pricing on the $150 million six-year first-lien term loan (B2/B+) firmed at Libor plus 575 bps, the tight end of the Libor plus 575 bps to 600 bps talk, the source said.

The first-lien loan continues to have a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

The company's $232.5 million credit facility also includes a $12.5 million five-year revolver (B2/B+).

Goldman Sachs & Co. is the lead bank on the deal.

Proceeds will be used to refinance existing debt.

Sprint Industrial is a Houston-based specialized industrial maintenance service provider offering both storage and safety equipment for rental.

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