Onsite Rental trims term loan size to $320 million, lifts pricing

By Sara Rosenberg

New York, July 25 – Onsite Rental Group downsized its seven-year first-lien covenant-light term loan to $320 million from $365 million and increased pricing to Libor plus 450 basis points from talk of Libor plus 400 bps to 425 bps, according to a market source.

In addition, the original issue discount on the term loan was revised to 98 from 99 and the 101 soft call protection was extended to one year from six months, the source said.

The company’s credit facility also includes a A$40 million cash flow revolver.

Recommitments were due at 3 p.m. ET on Friday, the source added.

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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