Tronair sets $125 million first-lien term loan B at Libor plus 475 bps

By Sara Rosenberg

New York, Sept. 30 – Tronair firmed pricing on its $125 million seven-year first-lien term loan B at Libor plus 475 basis points, the high end of the Libor plus 450 bps to 475 bps talk, according to a market source.

As before, the first-lien term loan has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Included in the loan is a total leverage covenant.

The company’s $200 million credit facility also includes a $20 million five-year revolver and a $55 million second-lien tranche that was placed privately.

SG Americas Securities LLC and Golub Capital are the joint lead arrangers on the debt.

Proceeds will be used to help fund the buyout of the company by Golden Gate Capital from Levine Leichtman Capital Partners.

Tronair is a Holland, Ohio-based designer, manufacturer and seller of ground support equipment for business, commercial and military aircraft.

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