Odyssey launches $501 million term loan at SOFR plus 475 bps

By Sara Rosenberg

New York, July 10 – Odyssey Logistics & Technology Corp. launched on Monday its $501 million first-lien term loan due October 2027 with price talk of SOFR plus 475 basis points with a 0.5% floor and an original issue discount of 96.5 to 97.5, according to a market source.

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

The company’s $626 million of credit facilities (B2/B) also include a $125 million revolver.

UBS Investment Bank, Credit Suisse Securities (USA) LLC, JPMorgan Chase Bank, RBC Capital Markets, Citizens Bank and KeyBanc Capital Markets are the arrangers on the deal.

Commitments/consents are due at 5 p.m. ET on July 19, the source added.

Proceeds will be used to amend and extend the company’s existing first-lien credit facilities, while also increasing the revolver size from its current amount.

In conjunction with the extension, the company’s second-lien term loan will be paid down using cash on the balance sheet.

Odyssey Logistics is a Danbury, Conn.-based provider of multi-modal logistics services and technology solutions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.