Capstone increases first-lien delayed-draw term loan to $95 million

By Sara Rosenberg

New York, Oct. 30 – Capstone Logistics LLC upsized its first-lien delayed-draw term loan to $95 million from $70 million and its five-year revolver to $65 million from $60 million, according to a market source.

Also, pricing on the delayed-draw term loan and on the funded $530 million seven-year first-lien term loan firmed at Libor plus 475 basis points, the low end of the Libor plus 475 bps to 500 bps talk, the source said.

The first-lien term loan debt still has a 1% Libor floor, an original issue discount of 99, 101 soft call protection for one year and a maintenance covenant.

The company’s now $890 million of credit facilities, up from $860 million, also provide for a $200 million privately placed second-lien term loan, of which $170 million is funded and $30 million is delayed-draw.

Ares Capital Management, Credit Suisse Securities (USA) LLC, Jefferies LLC and KKR Capital Markets are the leads on the deal.

Proceeds will be used to help fund the buyout of the company by H.I.G. Capital from the Jordan Co.

Capstone is a Peachtree Corners, Ga.-based supply chain solutions partner.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.