Capstone Logistics withdraws $340 million term loan B from market

By Sara Rosenberg

New York, March 13 – Capstone Logistics Acquisition Inc. officially pulled its $340 million 5.5-year first-lien term loan B (B3/B-) from the primary market, according to a market source.

The loan was talked at Libor plus 475 basis points with a 1% Libor floor and an original issue discount of 99.

Included in the term loan was 101 soft call protection for six months and amortization of 1% per annum.

During the syndication attempt, the term loan was downsized from $395 million, price talk was revised to the high end of the initial talk of Libor plus 450 bps to 475 bps, the Libor floor was increased from 0%, the discount widened from 99.5 and the maturity was shortened from seven years.

Credit Suisse Securities (USA) LLC was the lead arranger on the deal.

Proceeds were going to be used to refinance existing debt.

Capstone is a Peachtree Corners, Ga.-based third-party logistics company.

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