Omnitracs discloses price talk on $355 million of term loans

By Sara Rosenberg

New York, Sept. 10 – Omnitracs LLC released price talk on its non-fungible $160 million incremental covenant-lite first-lien term loan (B-) due March 2025 and $195 million eight-year covenant-lite second-lien term loan (CCC) in connection with its lender call on Thursday, according to a market source.

The first-lien term loan is talked at Libor plus 425 basis points to 450 bps with a 0% Libor floor and an original issue discount of 98.5, and the second-lien term loan is talked at Libor plus 800 bps to 825 bps with a 0% Libor floor and a discount of 98, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

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.

Commitments are due at 5 p.m. ET on Sept. 22, the source added.

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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