Onsite Rental talks $365 million term loan at Libor plus 400-425 bps

By Sara Rosenberg

New York, July 9 – Onsite Rental Group launched on Wednesday its $365 million seven-year first-lien covenant-light term loan with price talk of Libor plus 400 basis points to 425 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company is also getting a A$40 million cash flow revolver.

Commitments are due on July 23.

Credit Suisse Securities (USA) LLC and UBS AG are the lead banks on the deal.

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

Onsite Rental is an Australian industrial rental equipment company.

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