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Odyssey modifies incremental first- and second-lien term loan sizes
By Sara Rosenberg
New York, Nov. 20 – Odyssey Logistics & Technology Corp. upsized its fungible incremental first-lien term loan due October 2024 to $278 million from $257 million and downsized its fungible incremental second-lien term loan due October 2025 to $26 million from $70 million, according to a market source.
Also, the original issue discount on the incremental second-lien term loan was changed to 98.75 from 99, the source said.
Pricing on the incremental second-lien term loan remained at Libor plus 800 basis points with a 1% Libor floor, and the debt continues to have 101 call protection through October 2019.
The incremental first-lien term loan is still priced at Libor plus 400 bps with a 1% Libor floor and an original issue discount of 99.5, and has 101 soft call protection for six months.
Earlier in syndication, pricing on the incremental first-lien term loan firmed at the high end of the Libor plus 375 bps to 400 bps talk, and a $50 million delayed-draw first-lien term loan was eliminated from the transaction.
The eliminated delayed-draw term loan would have had six months availability and a 1% fee after 90 days.
Credit Suisse Securities (USA) LLC, UBS Investment Bank and KeyBanc Capital Markets are the leads on the deal.
Recommitments were scheduled to be due at 11 a.m. ET on Tuesday, the source added.
Proceeds will be used to fund the acquisition of AFF Global Logistics, a Fife, Wash.-based third-party logistics provider and freight forwarder.
With this transaction, pricing on the company’s existing first-lien term loan will increase to Libor plus 400 bps with a 1% Libor floor from Libor plus 375 bps with a 1% Libor floor.
Closing is expected this year, subject to customary conditions.
Odyssey Logistics is a Danbury, Conn.-based provider of multi-modal transportation solutions and transportation management.
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