Odyssey cuts spread on $501 million term loan to SOFR plus 450 bps

By Sara Rosenberg

New York, July 19 – Odyssey Logistics & Technology Corp. lowered pricing on its roughly $501 million first-lien term loan due October 2027 to SOFR plus 450 basis points from SOFR plus 475 bps, according to a market source.

In addition, the original issue discount on the term loan was changed to 98 from talk in the range of 96.5 to 97.5, the source said.

As before, the term loan has a 0.5% floor and 101 soft call protection for six months.

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.

Recommitments were scheduled to be due at 5 p.m. ET on Wednesday, 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.

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