Swift Transportation shifts funds between term loan B-1 and B-2

By Sara Rosenberg

New York, March 1 - Swift Transportation Co. upsized its term loan B-1 due 2016 to $250 million from $202 million and downsized its term loan B-2 due 2017 to $410 million from $458 million, according to a market source.

Pricing on the B-1 loan is Libor plus 275 basis points with no Libor floor, and pricing on the B-2 loan is Libor plus 300 bps with a 1% Libor floor.

Proceeds are being used to reprice an existing B-1 tranche from Libor plus 375 bps with no floor and an existing B-2 tranche from Libor plus 375 bps with a 1.25% Libor floor.

Both repriced loans were offered at par and have 101 soft call protection for six months.

BofA Merrill Lynch, Morgan Stanley Senior Funding Inc. and Wells Fargo Securities LLC are the lead banks on the deal.

Swift is a Phoenix-based transportation services company and truckload carrier.

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