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Odyssey Logistics to launch $249 million term loan on Friday
By Sara Rosenberg
New York, April 26 – Odyssey Logistics & Technology Corp. is set to hold a lender call at 10 a.m. ET on Friday to launch a $249 million covenant-light first-lien term loan (B1/B+) due October 2024, according to a market source.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
Price talk on the term loan is Libor plus 375 basis points with a ratings-based step-down, a 1% Libor floor and a par issue price, the source said.
The term loan has 101 soft call protection for six months.
Proceeds will be used to reprice an existing term loan down from Libor plus 425 bps with a ratings-based step-down and a 1% Libor floor.
Commitments are due at 5 p.m. ET on May 3, the source added.
Odyssey Logistics is a Danbury, Conn.-based provider of multi-modal transportation solutions and transportation management.
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