Capstone Logistics launches $80.5 million add-on term B at 99.5 OID

By Sara Rosenberg

New York, Aug. 2 – Capstone Logistics launched on Thursday its $80.5 million add-on senior secured term loan B (B-) due Oct. 7, 2021 with original issue discount talk of 99.5, according to a market source.

Pricing on the add-on term loan B is Libor plus 450 basis points with a 1% Libor floor, in line with existing term loan B pricing.

The add-on term loan B is split between a $60.5 million funded tranche and a $20 million delayed-draw tranche that has a ticking fee of 100 bps starting on day 61 and a three-month availability period, the source said.

Included in the add-on term loan B is a maximum secured net leverage covenant.

Goldman Sachs Bank USA is the lead on the deal.

Commitments are due at 5 p.m. ET on Aug. 9, the source added.

Proceeds will be used for mergers and acquisitions.

Capstone is a Norcross, Ga.-based provider of outsourced supply chain services.

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