Omnitracs flexes $745 million term loan B to Libor plus 275 bps

By Sara Rosenberg

New York, March 19 – Omnitracs LLC reduced pricing on its $745 million seven-year first-lien term loan B to Libor plus 275 basis points from Libor plus 300 bps, according to a market source.

Also, the original issue discount on the term loan was tightened to 99.75 from 99.5, the source said.

The term loan still has a 0% Libor floor and 101 soft call protection for six months.

The company’s $795 million of credit facilities (B2/B) also include a $50 million five-year revolver.

Barclays, Credit Suisse Securities (USA) LLC, Macquarie Capital (USA) Inc., ING, Vista and Guggenheim are the bookrunners on the deal.

Recommitments were scheduled to be due at 5 p.m. ET on Monday, the source added.

Proceeds will be used to repay the company’s existing first- and second-lien term loans.

Omnitracs is a Dallas-based provider of mission-critical fleet and mobile enterprise software.

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