StandardAero launches $520 million term loan at Libor plus 500 bps

By Sara Rosenberg

New York, Sept. 28 - StandardAero (DAE Aviation Holdings Inc.) launched on Friday its $520 million six-year term loan B (B2) with price talk of Libor plus 500 basis points with a 1.25% Libor floor and an original issue discount of 98, according to a market source.

The term loan B has 101 soft call protection for one year, the source said.

The company's $670 million senior secured credit facility also includes a $150 million five-year ABL revolver.

Commitments are due on Oct. 12.

Barclays, Bank of America Merrill Lynch and Goldman Sachs & Co. are the lead banks on the deal.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Senior secured leverage is 4 times and gross total leverage is 6.3 times, the source said.

StandardAero is a Tempe, Ariz.-based company that specializes in engine maintenance, repair and overhaul, and nose-to-tail services, for business and general aviation, air transport and military aircraft.

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