Central Security Group firms $40 million term loan at 99.5 OID

By Sara Rosenberg

New York, June 28 – Central Security Group Inc. finalized the original issue discount on its $40 million incremental first-lien term loan due Oct. 6, 2021 at 99.5, the wide end of the 99.5 to 99.75 talk, according to a market source.

Pricing on the loan is Libor plus 562.5 basis points with a 1% Libor floor.

The loan has 101 soft call protection for six months and a maximum total net leverage covenant.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Proceeds will be used to pay down revolving credit facility borrowings.

With this transaction, the company sought to extend the maturity of its existing term loan to Oct. 6, 2021 from Oct. 6, 2020.

Consenting lenders were offered a 12.5 bps amendment fee.

Central Security is a Tulsa, Okla.-based provider of alarm monitoring services.

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