Swift Transportation launches $1.07 billion loan at Libor plus 350 bps

By Sara Rosenberg

New York, March 3 - Swift Transportation Co LLC held a lender call on Thursday to launch a $1.07 billion term loan that is talked at Libor plus 350 basis points with a 1.25% Libor floor and a par offer price, according to a market source.

There is 101 soft call protection for one year.

Bank of America Merrill Lynch, Morgan Stanley & Co. Inc. and Wells Fargo are the lead banks on the deal.

Proceeds will be used to refinance/reprice the $1.07 billion term loan that the company obtained in December as part of a refinancing transaction.

Pricing on the existing loan is Libor plus 450 bps with a 1.5% Libor floor, and it was sold at an original issue discount of 99. The loan includes 101 soft call protection for one year, which lenders will receive with the refinancing.

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

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