StandardAero launches $925 million term loan at Libor plus 375 bps

By Sara Rosenberg

New York, June 9 – StandardAero launched on Tuesday its $925 million seven-year first-lien covenant-light term loan with price talk of Libor plus 375 basis points with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Commitments are due on June 22.

In addition to the term loan, the company’s $1,075,000,000 credit facility includes a $150 million ABL revolver.

Jefferies Finance LLC, KKR Capital Markets and MCS Capital Markets are the leads on the deal.

Proceeds will be used to help fund the buyout of the company by Veritas Capital from Dubai Aerospace Enterprise Ltd.

Other funds for the transaction will come from $485 million of notes.

StandardAero is a Scottsdale, Ariz.-based provider of aircraft engine maintenance, repair and overhaul services.

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