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Omnitracs to launch $355 million of term loans on Thursday morning
By Sara Rosenberg
New York, Sept. 9 – Omnitracs LLC is set to hold a lender call at 10 a.m. ET on Thursday to launch $355 million of term loans, according to market sources.
The debt is split between a non-fungible $160 million incremental covenant-lite first-lien term loan due March 2025 and a $195 million eight-year covenant-lite second-lien term loan, sources said.
Barclays, Credit Suisse Securities (USA) LLC, Macquarie Capital (USA) Inc. and Guggenheim are the bookrunners on the deal, with Barclays the left lead on the first-lien loan and Credit Suisse the left lead on the second-lien loan.
Proceeds will be used with cash on hand to fund the acquisition of SmartDrive Systems Inc., a San Diego-based provider of video-based safety and transportation intelligence.
Closing is expected late in the third quarter or in the fourth quarter, subject to customary conditions.
Omnitracs is a Dallas-based provider of SaaS-based fleet management and data analytics solutions.
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