Odyssey Logistics to launch $380 million credit facilities Wednesday

By Sara Rosenberg

New York, Sept. 19 – Odyssey Logistics & Technology Corp. is scheduled to hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch $380 million of credit facilities, according to a market source.

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

The facilities consist of a $50 million revolver, a $245 million seven-year covenant-light first-lien term loan and an $85 million eight-year covenant-light second-lien term loan, the source said.

Both term loans have a 1% Libor floor.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two, the source continued.

Proceeds will be used to help fund the buyout of the company by The Jordan Co.

Commitments are due at 5 p.m. ET on Oct. 4, the source added.

Closing is expected in the third quarter, subject to customary conditions.

Odyssey Logistics is a Danbury, Conn.-based provider of multi-modal transportation solutions and transportation management.

© 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.