Shape launches $300 million term loan at Libor plus 325-350 bps

By Sara Rosenberg

New York, March 20 – Shape Technologies Group Inc. (Waterjet Holdings Inc.) launched on Tuesday its $300 million seven-year covenant-light first-lien term loan (B2/B) with price talk of Libor plus 325 basis points to 350 bps with a 0% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan includes 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Barclays are the lead arrangers on the deal.

Commitments are due on April 3.

Proceeds will be used to refinance existing debt.

Shape Technologies is a Kent, Wash.-based provider of automation solutions utilizing ultra-high pressure technology.

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