Odyssey Logistics sets talk for $330 million term loans; commitments due Oct. 4

By Paul A. Harris

Portland, Ore., Sept. 21 – Odyssey Logistics & Technology Corp. set price talk for $330 million of new bank debt, according to a market source.

A $245 million seven-year covenant-light first-lien term loan is talked at Libor plus 400 basis points to 425 bps at 99.5 with a 1% Libor floor.

An $85 million eight-year covenant-light second-lien term loan is talked at Libor plus 800 bps atop a 1% Libor floor at 99.

Commitments are due at 5 p.m. ET on Oct. 4.

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.

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

The $380 million credit facility also has a $50 million revolver.

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

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.

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